"Gold at current price levels is a compelling trade, not a long term investment," the report said. Goldman also warns gold producers to "begin scaled up hedging of forward production," despite the fact that most major producers like AngloGold Ashanti ( AU), Barrick Gold ( ABX) and Kinross Gold ( KGC) raced to de-hedge over the past two years. Morgan Stanley ( MS) has a 2011 gold price target of $1,512 an ounce while JPMorgan Chase ( JPM) will now accept gold as collateral. Mark Bristow, chief executive officer of Randgold Resources ( GOLD), is betting on a gold price target of $1,500. Chuck Jeannes, CEO of Goldcorp ( GG), said reaching $1,500 an ounce is "easily achievable." Jeannes said it's important to consider highs adjusted for inflation, which could push the price as high as $2,300. "Gold will ultimately go above $2,000 and I think it's going to go in steps so I could see $1,600 this year," said Sean Boyd, CEO of Agnico-Eagle ( AEM). Mark Cutifani, CEO of AngloGold Ashanti ( AU), expects gold to trade between $1,300 and $1,500. Aaron Regent, CEO of Barrick Gold ( ABX) also said he believes the "forward curve would suggest a gold price in the $1,500 range."