“There Certainly Hasn’t Been a Stampede Back Into Gold”

Despite golds 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.