Some
fingers have been pointing in the direction of Goldman Sachs to help
drag the gold in bearish territory after the investment bank cut its
forecasts for 2013 and 2014 on Wednesday.Just two days after that call, gold fell. Of course, there are a myriad of factors that led to the disappearance of gold. HSBC are at least six major in a note on Tuesday.
However, Goldman apparently is not quite finished with gold bearish view. In a note entitled "There are weeks when decades happen," Goldman cut its short gold to $ 1,400 on Tuesday, after two days of heavy selling gold metal fell below $ 1,450 goal short Goldman. And if the investment bank is to be believed, things will not improve soon.
"The latest ETF holdings showed acceleration in the liquidation of length, pointing to a broad selloff extends beyond the futures markets with potentially more space to go," says Goldman. Its analysts say they will join the call while waiting for evidence of a bottom, although their price forecasts will not change for now. Lee died golden days
Goldman explained that changes in trends represent a major change from the last decade and are "implicitly related." The gold exchange represents a greater confidence in the economy with a light at the end of the tunnel where the easy money policy, whereas natural gas rate represents the possibility that the natural tendency of gas consumption growth to reach about of 3% in the U.S., the bank says.
"This
highlights how the shale revolution has helped shape the improved
economic environment in the U.S. -. Make U.S. natural gas and the U.S.
economy the new haven"
Goldman maintains its goal of $ 4.50/mmBtu for natural gas. May prices of natural gas futures were trading 1.38% NGK13 around $ 4.13 on Tuesday.
Goldman had some other things to say about the rest of the commodity sector, such as the base metals complex, said to be more like an oil fund ", so we left our long oil recommendation yesterday, but keep our long copper do with conviction. "
"Copper prices have fallen to the point that they (the price declines) are beginning to generate substantial adjustments micro fundamentals to support higher prices. Unlike oil, where most markets are in contango in Shanghai copper market backwardation, the arbitrage window is open Shanghai-LME and Shanghai exchange and Bonded Warehouse inventories are declining.
As for oil, Goldman said the market will need to see evidence that the recent weakness of the product is due to some "exaggerated seasonal swing" and no deeper underlying economic weakness before it can recover again.
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