We thought we had seen it all. And then comes Goldman. The firm, which continues to eviscerate its clients, just closed its Long Copper and Zinc June 2012 trades at massive losses: the first was opened on May 23 at $8,804/t, and closed on December 19 at $7,274/t, for a loss of $1,530/t, the second opened May 23 at $2,189/t, closed on December 19 at $1,891/t, for a loss of $298/t. So far so good - as all our readers know by now, one should do what Goldman does (i.e., sells to "clients"), not what Goldman tells its clients to do. This is not surprising. What however, is hilarious is that in the same report that Goldman closes its June 2012 Cu/Zn longs, it also... opens Cu/Zn longs. That's right - "While we maintain our bullish views on copper and zinc into 2012, we close out our May 23 recommendations for these metals at a considerable loss, and resetting the recommendations at December 19 prices." So somehow, while losing clients up to a blended 15%, Goldman continues holding the feet of those who still listen to them to the fire. Because this time it will be different.
- Closing: Long Copper June 2012 (opened May 23 at $8,804/t, closed on December 19 at $7,274/t, for a loss of $1,530/t).
- Opening: Long Copper June 2012 on December 19 at $7,274/t.
- Closing: Long Zinc December 2012 (opened May 23 at $2,189/t, closed on December 19 at $1,891/t, for a loss of $298/t).
- Opening: Long Zinc December 2012 on December 19 at $1,891/t.
It really doesn't get any funnier than this.