Goldman's $3,100 Target Reraise
LBMA Loses Its Balls
Goldman Doesn’t Disappoint
Accumulate and Repatriate
They did it, as expected. Goldman raised its target to join the BOA/CITI duo in raising their own price target higher than their peers, $3100 vs 3000/3000 (respectively) and put out their own “outlier” price target of $3300 vs 3500/3400
Their key reason: China continues to surprise in the physical market and GS must re-raise their expectations of Gold OTC flows again thus raising their targets. Remember, Goldman, CITI, BOA all released their New Physical Models for Gold late in 2024. JPM has not to our knowedge done so officially yet.
It has been described at GoldFix using various analogies: There are two straws draining London now. The China straw that flows through Switzerland on its way to Beijing, and the US straw flowing to Comex/US.
The other analogy we used early on described Globalism’s demise and the rise of Mercantilism as a signal for everyone to take their Gold and Silver kickballs out of the community basket and go home. Back then the emptying basket was the COMEX. Now it is the LBMA
Here is our Summary for now
Full analysis later in the week