Despite gold’s rebound over the past two days, the yellow metal remains in consolidation mode, according to UBS precious metals strategist Edel Tully.
In a note to clients, Tully wrote that “The panic displayed over the past few days has dissipated to a great extent, though there certainly hasn’t been a stampede back into gold. Instead, the market remains hesitant and gold continues to consolidate. We believe this is healthier than a steep push higher.”
Tully also asserted that Long-term investors and “physical buying will do a lot to help gold rebuild its reputation after the recent ugly sell-off.”
As for silver, the UBS strategist was far more cautious, in part due to considerably greater volatility in the silver market relative to gold. ”We would stay out of the silver market at the moment,” Tully argued. “It is the most irrational of metals, and certainly not for the faint-hearted.”
Spanish Mountain Gold Adds to Board of Directors
- Mr. Coxe is Strategy Advisor to BMO Financial Group and Chairman of Coxe Advisors LLP.
- He also heads up the Global Commodity Strategy investment management team - a collaboration of Coxe Advisors and Harris Investments.
- The Company also announced that Don Sharp has elected to retire from the Company's board. Mr. Sharp has been a director since 2009 and has agreed to remain as an advisor to the Company for a period of twelve months following his retirement.
