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Goldman Sachs is now going short gold and will clean up when it corrects $150 or more. After this spill to $1100-1150, it will be a buy again. But GS needs to make billions first.
I might add that the FED and the government are eager to punish all the goldbugs. Rightly or wrongly, they are viewed as kooks. I was bullish on gold all the way from $250, now I see a major correction (10-20%) to shake out the weak hands.