Gold to Continue Downward Trajectory in 2014 Despite U.S. Uncertainty
Gold to Continue Downward Trajectory in 2014 Despite U.S. Uncertainty (Bloomberg)
“Uncertainty” is certainly the watchword of the day when it comes to the U.S. government shutdown, impending debt-ceiling debate and even the end of quantitative easing. In this environment, you’d think investors would be running for cover, gold-plated cover, to protect their wealth. And you’d be wrong. At least that’s what the gold-market trackers say at Morgan Stanley and Goldman Sachs, both of which are calling for lower bullion prices in 2014. According to Morgan analyst Joel Crane in Melbourne, “We recommend staying away from gold at this point in the cycle.” The companies are calling for $1,300 an ounce next year. Is that enough for you to call your broker and sell?