Goldman Sachs (GS) came out to encourage their clients to short Gold. And you can think of all the potential shorts out there, why even short Gold? I mean, if Gold is at 1,200 and Goldman thinks its going to 1,000, if a stock is at 12 and you think the downside is 10, there is really not a lot to short there.
Why is Goldman Sachs (GS) picking on Gold with so many other good shorts out there? Most likely it is because Goldman Sachs (GS) is short gold itself and needs to cover it or just wants to buy Gold and they want to push the price down so they can buy at a better price. (Market Vectors Gold Miners ETF (GDX), SPDR Gold Trust ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG))
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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