Goldman Sachs says gold’s rally won’t last. Analysts at the firm have been bearish since the start of the year and despite the 11% YTD rally in gold prices, they’re not changing their minds.
Three factors — weather-impacted U.S. economic activity, Chinese credit concerns and Ukraine tensions–have played a role in pushing gold prices higher in 2014. But Goldman sees these factors diminishing in the near future, which will prompt gold to tumble off current levels.
The company re-iterated a $1050 year-end target today.
