Goldman Sachs analysts on Tuesday advised clients to close short bets against gold they had recommended earlier this month before the sell-off. [Gold Falls Amid ‘Steady, Large’ Outflows from Bullion ETFs]
“Our bias is to expect further declines in gold prices on the combination of continued ETF outflows as conviction in holding gold continues to wane as well as our economists’ forecast for a reacceleration in U.S. growth later this year,” the Goldman analysts said in a Dow Jones Newswires report.
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Full disclosure: Tom Lydon’s clients own GLD.