It’s not yet time to buy gold

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The AFR is reporting that UBS is pushing the local gold sector hard:

Gold stocks are set to boom thanks to the gold price and merger activity, with UBS slapping a buy on its entire gold coverage list with the exception of Newcrest.

UBS put out the note as the sector enjoys a boost from a wave of mergers and acquisitions this year, with 26 deals worth in total $1.7 billion.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.