Wait a minute, Goldman Sachs -- Didn't FDR revalue gold upward by 70%?
Goldman Channels FDR's 'Nothing to Fear' With Sell Gold Call
By Ranjeetha Pakiam and Jasmine Ng
Tuesday, February 16, 2016
Goldman Sachs Group Inc. says it's time to bet against gold as bullion's rally to the highest level in a year isn't justified, backing the bearish call with a comment from a former U.S. leader in a report that was issued, appropriately enough, on Presidents Day. Prices tumbled.
Gold will slump back to $1,100 an ounce in three months and $1,000 an ounce in 12 months, analysts including Jeffrey Currie and Max Layton wrote in the report that was dated Feb. 15 and received on Tuesday. It was headlined with a remark from former President Franklin D. Roosevelt.
There's "nothing to fear but fear itself," the analysts entitled the seven-page note, channeling comments from Roosevelt's 1933 inauguration when the U.S. economy was being ravaged by the Great Depression. "It's time to sell the fear barometer," the bank said, and recommended shorting gold. ...
... For the remainder of the report:
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