Goldman Sachs is looking for $2K for Gold

Fred Hickey: This Is A Very Dangerous Market

Gold last traded at $1,807 an ounce. Silver at $25.37 an ounce.

NEWS SUMMARY: Precious metal prices steadied Thursday as mixed economic data weakened the dollar. U.S. stocks traded flat as an unexpected jump in jobless claims kept investors on edge about the economy.

Kitco-"In their latest research note on gold Goldman Sachs is now looking for $2000/oz for gold. The report notes 'commodities to rebound sharply unless there are widespread lockdowns due to the spreading delta mutant coronavirus.' In terms of the timeframe, the updated 'forecast gold at $2,000/oz in 3, 6 and 12-month horizons.'.

Justifying the decision the U.S. investment bank says it 'does not expect widespread lockdowns.'. Many analysts have been looking into if the last set of restrictions would be the final set. In the U.K. the government has said it would be their preference not to make another set of restrictions. The bank added, 'even if they were it delays the rapid bounce back by six to eight weeks, citing past experience.'

The bank added a caveat to their outlook by saying unless there are widespread lockdowns due to the spreading delta mutant coronavirus which seems sensible."