Gold Is Getting Slammed After Goldman Tells Clients To Short It

Gold is having another rough day today.

The metal has been under constant selling pressure all morning, but it’s really taken a significant leg lower in the last hour or so, as the chart below shows.

Right now, it’s down 1.8 per cent to $1557 per ounce, just off its lowest level of the day.

This morning, Goldman Sachs commodity strategists – who have been bearish on gold in the medium term – recommended clients go ahead and short gold outright, targeting $1450 per ounce by the end of 2013.

Gold chart

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