Goldman Sachs is bullish on gold prices
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Goldman Sachs’s global head of commodities research, Jeff Curie, thinks that gold has been sold off lately due to overly optimistic views regarding the trade deal between the US (SPY) and China (FXI). As reported by CNBC, Curie said, “We actually think this is a pound-the-table time to be buying gold right now.”
Gold’s safe-haven appeal
Goldman Sachs is optimistic about gold. Goldman Sachs thinks that “gold’s safe-haven status will also likely see relative outperformance as late-cycle recession fears remain and several key central banks continue diversifying their reserve assets.” For gold, Goldman Sachs has a target price (NUGT) (GDX) of $1,450 per ounce for the next 12 months.