Here's our post from that day:
UPDATE: "Goldman's FX Team Validates Cynical Critics, Capitulates On EURUSD Recommendation ONCE AGAIN" (EUR/USD)"
Original post:
Our guiding principle when Goldman Sachs talks commodities:
Mother: .....And remember, the Lord loves a working man.
Navin: ........Lord loves a working man.
Father: ......And son, don't never, ever trust whitey.
-The Jerk (
1979)
Goldman's commodity trading division, J.Aron, is the crown jewel of the whole behemoth.
They will do anything...ANYTHING to protect it and further its purposes.
Current GS CEO Lloyd Blankfein came up on the trading side, J. Aron:
"When Blankfein asked about his title, a boss at J. Aron said, 'You can call yourself contessa if you want.'"
-Fortune, January, 2006
(from a small collection of GS stories, "Goldman Sachs CEO: "We Didn't Realize How Bad Things Would Get" (GS)"
Here's the headline story, from MineWeb:
Goldman Sachs has raised its medium term gold price forecast to $1,355, but reckons prices will fall from 2011 and recommends producers sell gold forward.
LONDON -
Plus ça change. Goldman Sachs is suggesting that mining companies sell gold forward again. The logic behind this is that although the bank reckons the gold price will increase to $1,355 an ounce over the next 12 months - a tiny increase from its earlier prediction of $1,335 - beyond that it is looking for prices to stabilise and fall as the U.S. Fed tightens monetary policy and the recession is seen to be ending....MORE
And this morning's story over at ZeroHedge:
Gold, Silver Surge After Goldman Recommends Buying Gold... Again
