Goldman Sachs Out with a Report Recomending Shorting Gold this Morning

In a report released by Goldman Sachs this morning, the company recommended shorting gold on a lack of appreciation from the Cyprus situation and the recent slowdown in the US recovery. The report stated that Goldman is looking to close its long position on gold as it expects the decline in prices to accelerate, placing a year end price target on the commodity of $1,450/oz for 2013, and $1,270/oz for 2014. Gold prices are currently down 0.50 percent to $1,578.70/oz.