Thanks to Saferanger for bringing this to my attention: Goldman Sachs has raised its target for crude by $20 to $85 by the end of the year from $65. Goldman nailed the spike to $147, calling it within $3 and about 10 days, if memory serves. They predicted $150 by July 4 and it topped out at $147 on July 15.
It shows the dollar has some strength, however fleeting, today, as it is not tumbling despite the Goldman call or Trichet’s lack of concern over the EUR. As I wrote yesterday, price action has a way of changing one’s perspective. Had this news come earlier in the week we’d probably be at 1.45 now…
