Gold: Time to short or top up?

Managers respond to Goldmans call to 'short gold'

Investment managers have branded Goldman Sachs' recent call to short gold as "stupid" and "irresponsible", as many predict the yellow metal has further to run or will at least revert back to offering safe-haven characteristics in times of market stress.

Last week, Goldman Sachs analysts released a note arguing the recent rally in gold, one of the best performing asset classes over the past quarter - up nearly 12%, had been overdone and urging investors to short the commodity. "Fears around China, oil and negative interest rates have likely been overstated in the gold price and other financial markets," the note said. "We are recommending shorting gold through a GSCI-style rolling index," it said, referring to the S&P GSCI commodity index, according to Reuters. However, fund managers have responded by saying they would not recommen...