Goldman On Gold: Tactical Downside Protection Before Structural Upside

Over the last month, gold prices have roundtripped gains making new record highs as several major banks have issued optimistic research noites on the price of the precious metal:

Gold Can Reach $4500 By Year-End; UBS, JPMorgan, & Goldman Upgrade Precious Metals Outlook

10 Reasons Why Goldman's Trading Desk Is Quietly Buying Gold

Goldman: Buy Gold Not Bonds— "The 60/40 is Dead"

Gold To Hit $4000 As China Continues To Secretly Buy Much More Than It Reports: Goldman