by David Kranzler
Investment Research Dynamics
“Short gold on market overreaction” – Jeffrey Currie on CNBC on Feb 16, 2016; CNBC host: “Is there any commodity that you can recommend to help our viewers make money?” Jeffrey Currie: “Short gold” – CNBC on April 5, 2016;
Goldman Sachs’ Jeffrey Currie has become the “Jim Cramer” of the gold market (click on graph to enlarge). When he issues a table-pounding call, do the opposite. When gold was approaching its bottom around the $1050 level, Currie’s price target was $800. Much the same way Wall Street banks like Goldman, with AAPL at $96 and down 27% since July have been forced to lower their price target from $200 to $150, Currie was forced to raise his price target for gold to $1080. And he’s still pounding table with a “short gold” advisory. I guess when he receives a taxpayer-subsidized seven-figure bonus every year, he doesn’t mind looking like a total idiot with regard to the market.