Barrick says Ontario Superior Court dismisses 2022 Tanzanian security case
A group of 21 Tanzanian nationals had alleged that Barrick was complicit in extrajudicial killings by police guarding its North Mara mine.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery on Thursday continued to drift lower, trading at a near 3-month low.
In afternoon trade gold was changing hands for $1,266.00 an ounce, down more than $4 an ounce compared to yesterday’s closing price.
The latest retreat in the price pares the metal’s gains for the year to under 5%.
The 2014 low for gold is $1,244 reached June 2, but many analysts believe the gold price has much further to fall.
On Thursday Goldman Sachs said it’s sticking to its original forecast of gold at $1,050 an ounce by the end of the year.
CNBC quotes chief commodity strategist at the investment bank Jeffrey Currie as saying safe haven buying on the back of the Iraq and the Ukraine-Russia crisis and money printing due to economic weakness in Europe and Japan have been supporting gold somewhat, “but prices are being pressured by Federal Reserve policy.”
“Our target at the end of this year is $1,050, really driven by the view that we think that the Fed will ultimately be the dominate force here and put more downward pressure [on prices],” Currie told CNBC’s “Squawk Box” on Thursday. “Gold is a hedge against a debasement in the U.S. dollar.” He said he’d recommend shorting gold.
14 Comments
dakarza
if goldman currie says it will go down, most prob gold price will go up. This genius does not say that the QE end is already priced in. whatever
Traderxoxo
Gold will short squeeze to 1900 by year end!
scroogie
Mind you: they pulled this routine in April 2014… announce the death of gold and then kill it.
bolgerbill
And didnt we listen to Goldman back in 2006-7……
Matts
In other words, Goldman Sucks, (sp) is shorting gold and this is an attempt to crush the market. I hope they join Madoff in his 50 year sentence.
U308
Must be planning to buy some bullion off Ecuador by the end of the year.
MKMLF
The name of your web address should be ANTI-MINING.COM.
thisguyisthemoney
More BS from these guys. Look one person has for 16 months showed us 100% accurate gold price predictions. This is unpresidented and he started it all with the 12th April 2013 price smackdown. He has done it again at $1263-$1266. see Twitter @vernonkelliott
Tigg47
Shorting banks are getting more and more desperate. By the end of september they will be in bigger trouble. SGE will be out off Silver and many OI will ask for delivery.
LMFAO
Best thing that can happen to gold is to fall below $1100 an ounce and stay there for 2 years. This will clean out the marginal miners and create great opportunities for the well positioned low cost producers. As for the unemployment of Australia…that needs to rise too ; which will create a cheaper pool of labour as it has been out of control for too many years creating an imbalance in our ability to compete on the global stage. When one door closes another opens ; so if you loose your job; study; catch fish; enjoy life ….then…. Rob the Banks cause their coming to repossess all your material toys, while you collect empty bottles and wash windows at the stop lights !!! Yay!!!
RJ King
Is Goldman one of the Hunts bothers. How do they control gold?
tonesti
Maybe it’s time to re-balance the portfolio to other commodity types – copper and zinc. These metals tend to fair better in economic upturns and in particular polymetallic deposits or companies that are not so exposed to just one commodity. It looks like commodities will likely trade sideways for sometime and the question one needs to ask is where is there value? Humbly it is quality exploration stories whose catalysts will be discoveries and resource expansion – happy hunting!
SJR
Its end of year, the Dollarman Sachs will be nominated as lousy fortuneteller
Rod B
Ha! Eat the current market Goldman Sachs! More to come.