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Goldman Sachs Stopped Out Of "Short Gold" Recommendation
04-29-2016, 12:01 PM,
#1
Goldman Sachs Stopped Out Of "Short Gold" Recommendation
Goldman Sachs Stopped Out Of "Short Gold" Recommendation

<p>With the Yen and Yuan surging, it appears money is greatly rotating out of US dollars and into an 'alternative' currency as Gold soars over $1290.</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/04/28/20160429_GSGOLD2.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/04/28/20160429_GSGOLD2_0.jpg" style="width: 600px; height: 308px;" /></a></p>
<p>&nbsp;</p>
<p>As Gold is bid after the BoJ Shock...</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/04/28/20160429_GSGOLD3.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/04/28/20160429_GSGOLD3_0.jpg" style="width: 600px; height: 507px;" /></a></p>
<p>&nbsp;</p>
<p>More problematically for Goldman Sachs' Jeff Currie is<strong> his &quot;Short Gold&quot; recommendation just got stopped out</strong>...</p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/04/28/Currie%20short%20gold.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/04/28/Currie%20short%20gold.jpg" style="width: 567px; height: 295px;" /></a></p>
<p>&nbsp;</p>
<p><a href="http://www.zerohedge.com/news/2016-02-15/goldman-tells-clients-short-gold-5-days-after-saying-gold-may-soar-much-higher-over-"><strong>Goldman went short gold on 2/15 at around $1205...</strong></a></p>
<blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>We also maintain our bearish view on gold that has rallied along with the other commodities. Our short gold recommendation (which we opened with a 17% upside, in line with our $1000/toz 12-m forecast) is currently at a c.5% loss, <strong><span style="text-decoration: underline;">with a stop loss at 7%</span></strong>.</p>
<p>&nbsp;</p>
<p><strong>This gold rally was driven by a lack of conviction in divergence in US growth as a weak US dollar has been highly correlated with a higher gold price.</strong></p>
<p>&nbsp;</p>
<p>We believe this realignment view of weak global growth is not supported by the US data, which will likely reinforce higher US yields, a stronger US dollar and the return of divergence, particularly should strong US consumer growth dissolve market fears regarding US growth. <strong>This in turn will likely put downward pressure on gold prices towards our near-term target of $1100/toz</strong></p>
</blockquote>
<p>That just ended... <strong>as the 7% loss stopped them out...</strong></p>
<p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/04/28/20160429_GSGOLD_1.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/04/28/20160429_GSGOLD_1_0.jpg" style="width: 600px; height: 414px;" /></a></p>
<p>&nbsp;</p>
<p>Leaving Goldman clients pensive...</p>
<p><strong><img height="527" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/02/09/kermit%20ass.jpg" width="395" /></strong></p>


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