Richard Russell quote on Goldman Sachs Short Call on Gold

Mighty Goldman Sachs even got into the act by predicting publicly that gold was headed lower, and hinting that gold might even be a short candidate. The newspapers and the media in general jumped on the ‘we hate gold’ bandwagon. It was unanimous. ‘Gold is a worthless relic of prehistoric times. If you own it, get rid of it, before you lose your shirt.’ But after the crash Goldman suddenly rescinded its bearish forecast on gold, and the gold-hating propaganda calmed down. … Actually when Goldman dropped their bearish forecast on gold, I assumed that Goldman had bought all the gold that they wanted. Net result, a good many of the big boys plus many central banks grabbed all the gold they desired at bargain prices. The great gold panic ended with a thud, and the big money got what they wanted—all at fire sale prices. –Richard Russell in DOW THEORY LETTERS(May 1)