Currie’s rationale is fairly straightforward: The closely followed Goldman strategist sees the Federal Reserve raising benchmark interest rates at some point in 2016 and believes the result of higher rates will be a drag on the dollar-denominated precious metal. A combination of flight-to-safety demand, driven by concerns about economic growth overseas, and mixed messages from the Fed have helped lift gold by more than 16% so far this year.

Why Goldman’s commodity chief wants investors to bet against gold