Goldman Sees Gold Price Dropping More Than 30 Percent

While up 11% in 2014, gold experienced its biggest weekly price drop since September, 2013, this week settling near $1,331.20 an ounce.  For its part Goldman Sachs reiterated its sell recommendation on the precious metal, issuing a $1,050 price target, saying the factors that led to the rise in value are not sustainable. Gold Price: Goldman’s three catalysts Goldman noted three distinct catalysts that have driven the rally: (1) a sharp slowdown in US economic activity which we believe was weather driven, (2) high Chinese credit concerns (3) escalating tensions over Ukraine. Goldman expects all these factors to taper, sending…