Goldman says Brent crude will hit $130

[China Diapers]

Self-fulfilling prophecy?

Goldman Sachs has called a bottom to the correction in commodity markets, advising clients to buy oil, copper and zinc after a 9 per cent price fall since the start of May.

and

Last month, the bank caused a stir when it recommended cutting exposure to commodity markets, arguing that oil prices had “pushed ahead of where fundamentals currently suggest”. A few weeks after Goldman’s bearish call, commodities suffered one of their sharpest one-day falls on record, with oil falling by up to $12 a barrel in a day.

http://www.ft.com/cms/s/0/bbf15300-85e7-11e0-be9b-00144feabdc0.html#axzz1NGmIxrQj

 

[meanreversion]

Time to sell oil then. They predicted $200 oil back in the summer of 2008.

 

[DashRiprock]

i always thought the clients who followed all of their calls like this consistently lost money

 

[China Diapers]

Oh OK, thought it might have been the case everybody would jump onboard and there would be a rally just because Goldmans says.

Also

http://www.cityam.com/news-and-analysis/us-push-limit-speculation-oil-markets

http://www.cityam.com/news-and-analysis/panel-calls-metal-trade-probe

 

[DashRiprock]

more likely that theyve got a bunch of inventory they want to dump

 

[China Diapers]

Yes that occured to me after posting. I really wish I wasn't so ****ing naive!

 

[meanreversion]

Careful here, Goldman are evil. They're constantly trying to make money. Banks attempting to make profits should be banned .... look at the fine examples we have in this country, with Lloyds and RBS.

 

[amit1986]

Goldman is god.

 

[Mr. Charts]

more likely that theyve got a bunch of inventory they want to dump

Futures and options rather than hundreds of supertankers lying off shore, I'd guess.

 

[DashRiprock]

there was that contango a while ago werent there where you could rent a capesize, fill it with oil, park it in a harbour and sell it fwd

 

[Liquid validity]

Shorting subprime bonds anyone? (google it with the appropriate banks name if you are unaware and live under a rock...)
I'd take it with a pinch of salt about the size of a russian salt mine TBH...

 

[Black Swan]

hmm...I dunno, obviously you can't trust them given their open histroy of taking the other side of their clients' bets but on this they're so politically connected it could be a signal that ground forces will have to go into Libya thereby stirring up a hornet's nest even further.

 

[Liquid validity]

Its not so much that I think oil will go the other way, just that whatever happens,
I would not be inclined to listen to a bank that builds a bandwagon then sets fire to it once everyone is on...

 

[amit1986]

Its not so much that I think oil will go the other way, just that whatever happens,
I would not be inclined to listen to a bank that builds a bandwagon then sets fire to it once everyone is on...

Banks job is to make money. They didn't become Goldman Sachs by playing it safe and looking out for others' interests. Smart people know how to take advantage of an opportunity when they see it and capitalize. Nothing emotional.

 

[dmt257]

Maybe they know something about QE post June?

I don't think I could ever trust these shysters anyways.

 

[DashRiprock]

you guys are mostly all paranoid or conspiracy types.

Goldies said that they think its going up. so what MoFos?!?! Goldman Sachs are not the octpus in the middle of the earth that is controlling everything ffs.

better delete that last bit

 

[Liquid validity]

Banks job is to make money. They didn't become Goldman Sachs by playing it safe and looking out for others' interests. Smart people know how to take advantage of an opportunity when they see it and capitalize. Nothing emotional.

Totally agree, I never said otherwise

 

[Liquid validity]

you guys are mostly all paranoid or conspiracy types.

Goldies said that they think its going up. so what MoFos?!?! Goldman Sachs are not the octpus in the middle of the earth that is controlling everything ffs.

better delete that last bit

No one is suggesting that is the case, certainly not me.
What I'm talking about is Abacus and Paulson...

Abacus is the bandwagon they created and burned, not the f***in subprime collapse...
That is what I was referring to

http://www.cbsnews.com/video/watch/?id=6404178n
http://www.telegraph.co.uk/finance/...-1bn-fine-to-draw-line-under-fraud-trial.html
http://www.bloomberg.com/news/2011-05-24/goldman-s-big-short-is-levin-s-big-target.html

Just for the record, personally I think anyone who didn't see any of this coming was a sucker,
I was expecting a housing crash / mortgage crisis from 20006.
So were many others who were ignored (excuse the heinous offence of posting a Guardian link :cheesy: ):
http://www.guardian.co.uk/business/2008/oct/31/creditcrunch-gillian-tett-financial-times

Gotta go, being measured up for a new tin foil hat today

 

[dmt257]

Question.....

Goldman said sell oil a month ago on poor fundamentals.

Prices drop 10%. Goldman says buy.

Have the fudamentals changed that much?

I see indications of lower world economic growth based on recent data from far and wide, QE ending, price inflation rising bringing prospect of higher interest rates. I think they are worse than 1 month ago.

 

[Liquid validity]

I don't know about anyone else, but all I'm saying is make your own mind up.
Don't be lead by GS or any other bank for that matter...
If you can't make your own trading decisions, learn how to.
Your money.
Your decision.