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Gold loses safe haven tag; Goldman cuts price forecast through 2014

Posted on 11 April 2013

The turn in the gold price cycle is accelerating after a 12-year rally as recovery in the US economy gains momentum, according to Goldman Sachs Group, which reduced forecasts for the metal through 2014.
The bank cut its three-month target to $1,530 an ounce from $1,615 and lowered the six- and 12-month predictions to $1,490 and $1,390 from $1,600 and $1,550. Goldman recommended closing a long Comex gold position initiated on October 11, 2010 for a potential gain of $219 an ounce, analysts Damien Courvalin and Jeffrey Currie wrote in a report on Wednesday………………………………………..Full Article: Source

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