Friday, July 9, 2010

Goldman Frowns On Some Senior Producers

Goldman, Sachs has downgraded two major gold producers - Randgold Resources and Anglogold Ashanti - to "sell" from "neutral," on the basis that the rising price of gold and successful execution of their strategies is already factored into their price. Another producer, Hochschild Mining, was cut to "neutral."


Those downgrades clearly show skepticism about the gold sector. Although they may be rated, it's clear that Goldman's gold analysts don't expect a boom in the sector. It shows that the gold stocks are far from being in a manic phase (and that gold-mining top executives don't have a lot of political clout with respect to brokerage firms.)

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