Paul Wong, a strategist at Sprott Market, believes that gold may soon experience a rally in the coming months. Last month, gold bullion increased by 2.5%, with mining equities also seeing a modest recovery in their fortunes, with an increase of 3.33%. The price of gold at the month’s end was $1,814.19 per ounce. Despite this gain, the precious metal is still down 4.44% year to date, with silver also down by 3.44%.
In his report, Wong stated that this year’s weak performance of gold was a mid-cycle correction for precious metals, adding that gold performance in June was most probably caused by a de-grossing event…
NOTE TO INVESTORS: The latest news and updates relating to Excellon Resources Inc. (TSX: EXN) (NYSE American: EXN) (FSE: E4X2) are available in the company’s newsroom at https://ibn.fm/EXN
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