Goldman Sachs Says It's Time to Short Gold

Goldman Sachs downgraded its 2013 price target for gold (Exchange:XAU=) and advised investors to short the precious metal, in a commodities report out on Wednesday.

24K gold bar. REUTERS/Bobby Yip/Files"Despite resurgence in euro area risk aversion and disappointing U.S. economic data , gold prices are unchanged over the past month, highlighting how conviction in holding gold is quickly waning," said Goldman Sachs analysts Damien Courvalin and Jeffrey Currie in the note.

The analysts cut their gold forecast to $1,450 per ounce for 2013 and $1,270 for 2014, the second cut in their price target this year.

[link to finance.yahoo.com]