In the midst of gold and silver’s relentless attacks last week by the cartel, we wrote that investors should be prepared for a potential bottom in gold and silver on or around Monday 2/25, options expiration in both gold and silver.
Goldman seems to have validated that call this morning, as only one day after March options expiration, the Vampire Squid has advised clients to sell gold, slashed its 2013-2014 outlook for gold to $1450/oz, and called for an end to the gold bull market.
Reuters reports Goldman has cut its gold outlook from $1810 to $1450:
Goldman Sachs cut its 2013 gold price forecast to $1,600 an ounce from $1,810 an ounce, saying the metal’s recent price drop and an increase in U.S. real interest rates have led it to bring forward its projections for a decline in the metal.
If that projection proves accurate, it will mark the first year gold has recorded a lower average price year-on-year since 2001, when its record-breaking 12-year bull run began.
“Gold prices sold off sharply over the past two weeks, extending the decline that started last October,” the bank said in a note dated Feb. 25…
The bank also cut its 2014 forecast to $1,450 an ounce from $1,750 an ounce. It reduced its three-month price view to $1,615 an ounce from $1,825 an ounce, its six-month forecast to $1,600 from $1,805, and its 12-month view to $1,550 from $1,800.
Legendary gold trader Jim Sinclair predicted in early February that gold was about to suffer extreme volatility, with the banksters shaking the physical gold tree, and preparing to go massively long the metal ahead of gold’s biggest gains in the entire bull market.
Sinclair’s call is beginning to appear uncanny with Goldman cutting its gold outlook. Is a monster move in gold predicted by Jim Sinclair imminent? Sure looks like Goldman thinks so.