Goldman Channels FDR's `Nothing to Fear' With Sell Gold Call
- New fears, like past fears, are not justified, Goldman says
- Bullion is seen dropping to $1,000 in 12 months, bank says
Agnico Eagle CEO: Gold Is Making a Comeback as a Reserve
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Goldman Sachs Group Inc. says it’s time to bet against gold as bullion’s rally to the highest in a year isn’t justified, backing the bearish call with a comment from a former U.S. leader in a report that was issued, appropriately enough, on Presidents’ Day.
Gold will slump to $1,100 an ounce in three months and $1,000 an ounce in 12 months, analysts including Jeffrey Currie and Max Layton wrote in the report that was dated Feb. 15 and received on Tuesday. It was headlined with a remark from former President Franklin D. Roosevelt.