If there’s one thing your friendly Gold Enthusiast has learned, it’s not to blindly follow Goldman Sachs’ public “advice.” Too many times Goldman has “announced,” “advised,” or “letter” ‘d a position only for it to immediately go the other way. If it wasn’t heading that way already.
We’ll call this The Goldman Rule because we need a chuckle this Wednesday. The clouds have returned after almost a full day of sunshine in upstate New York, and we’re looking at 4 or 5 more cloudy days in a row. So we need all the little giggles we can get.
Heck (apologies for strong language), a few years ago Goldman was charged with hiding important information about a new security they constructed. The usual excuse for putting investors on both sides of the same trade is “different investments are appropriate for different investors.” That didn’t play well that time, with Goldman losing a lot of street cred among small- and medium-sized investors.
So this morning you can imagine The Gold Enthusiast’s delight when the first headline he sees in the news is Goldman talking about gold. Has good ol’ GS climbed out of the hole they dug for themselves? Is this latest a step in the right direction?