Goldman has advised clients to straight up short gold, with an end-of-the-year price target of $1450/oz.
Izabella Kaminska at FT Alphaville has the full summary of the call, which actually is a follow-on to a generally bearish call that the company has had all year.
This is an interesting observation
While there are risks for modest near-term upside to gold prices should US growth continue to slow down, we see risks to current prices as skewed to the downside as we move through 2013. In fact, should our expectation for lower gold prices continue to prove correct, the fall in prices could end up being faster and larger than our forecast, as aggregate speculative net long positions across COMEX futures and gold ETFs remain near record highs.
An interesting nugget is that holdings in gold ETFs continue dwindle.