Analyst Eric Hommelberg mentioned Goldman would be wrong again this time. Take a peek at the December 2005 peak in gold. Indeed very similar to the one we just witnessed in November 2007 right? Guess what gold prices Goldman Sachs were predicting in December 2005 for the following 12 months?
Well, their forecast concerned gold prices by end of 2006 in the $470 - $510 range. Needless to say they were wrong and they will be wrong this time again. It goes far beyound the scope to discuss Goldman’s hidden agenda for predicting lower gold prices but the bottom line is that predicting lower gold prices is predicting an appreciating dollar. An appreciating dollar however could be regarded as science fiction during times of severe financial stress in the US banking sector, current account deficits exceeding $800 billion per year, exploding costs of the middle east war (multiple trillion) and foreign countries looking for options to diversify out of the dollar.
Well, their forecast concerned gold prices by end of 2006 in the $470 - $510 range. Needless to say they were wrong and they will be wrong this time again. It goes far beyound the scope to discuss Goldman’s hidden agenda for predicting lower gold prices but the bottom line is that predicting lower gold prices is predicting an appreciating dollar. An appreciating dollar however could be regarded as science fiction during times of severe financial stress in the US banking sector, current account deficits exceeding $800 billion per year, exploding costs of the middle east war (multiple trillion) and foreign countries looking for options to diversify out of the dollar.
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