Goldman Sachs: gold prices will fall below $1000
According to Goldman Sachs' head of commodity research Jeffrey Currie, gold price will likely fall below $1000 for the first time since 2009. "With the more positive outlook on the dollar, and with debasement risk starting to fade, the demand to use gold as a diversifying asset against the U.S. dollar becomes less and less important", Currie believes.
The yellow metall and the other commodity assets entered a structural bearish trend, analyst forecasts. He recommends going short in a long-term prospect.
Gold hit a new 5-year low of $1090 on Wednesday. Fed's rate hike expectations and China's slowdown are the key bearish factors.