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Vedant “VK” Mimani From Komfie Manalo, Opalesque Asia:

Gold is proving to be more resilient despite fluctuating prices and fears that it will soon lose its safe haven status, says Vedant "VK" Mimani, Managing Director at Atyant Capital, a specialty investment manager that focuses on the Indian equity markets and precious metals.

Mimani told investors, "Our market indicators tell us to be cautious. Time will tell if these warning signs develop into something more significant. Gold and silver are more resilient than we expected and if they remain so, this would signify any autumn sell off would be relatively mild."

He added that Atyant is maintaining its outlook for an autumn panic and gold should stay below its mid August peak. Mimani pointed out that in a real panic, investors sell off all assets including gold and gold stocks and scramble for cash, particularly US Dollars.

In the absence of a real panic, gold has remained below its mid August peak, albeit more resilient than expected, he added.

There had been mixed speculation on the movement of gold prices. European commodity hedge fund manager Tiberius Group warned that gold is overpriced and could fall below $1,000 per troy ounce should bullion lose its safe haven status compared with other metals with stronger fundamentals.

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