Investors are cutting back gold holdings for the third month, the longest streak since 2004, as they favor the U.S. dollar as a safe haven, Bloomberg News reported Thursday.
However, Goldman Sachs sees record prices for the precious metal. Goldman expects prices to rise 26% to $1,940 an ounce in 12 months, according to the Bloomberg report.
GLD was up 2.2% in afternoon trading Thursday.
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Full disclosure: Tom Lydon’s clients own GLD.