New Gold Inc. (TSE:NGD) (NYSE:NGD) executive chairman Randall Oliphant has added a new title to his resume, after the World Gold Council elected him as its chairman.
Oliphant takes the place of Goldcorp (TSE:G) (NYSE:GG) chairman Ian Telfer, who had held the post since December 2009.
"I am taking on the role at a time when gold has a wider significance than ever before across the world. From investments and capital markets, to the rise of the eastern consumer, gold is at the heart of many societies as they seek to store and protect their wealth. The World Gold Council has been in the vanguard of developing innovative uses for gold, and it is a privilege to accept this role," said Oliphant in a statement.
The council`s membership is comprised of 23 of the biggest gold miners in the world. Its operations in the UK, India, China, U.S., Japan, Singapore and Hong Kong work towards expanding market opportunities for the gold sector and spurring demand.
Oliphant`s tenure at the council begins during a volatile period for gold. The precious metal`s price has dropped nearly a fifth this year as signs of an economic recovery undermine the case for its position as a safe haven. A sharp retreat in June pushed gold prices to their lowest levels in three years for precisely that reason.
The yellow metal bounced sharply last week in reaction to the U.S. Federal Reserve`s decision to delay tapering of its asset-purchase program, an action that startled many observers who believed a scale-back call was imminent at the FOMC`s September meeting.
Gold futures on the December contract on Wednesday morning are modestly higher in early trading. Lately, gold had risen $6 to $1,322 an ounce. Concerns over the U.S. government`s ability to come to a budget agreement are taking priority over the Fed`s next monetary policy move. Americans face the threat of a government shutdown on Oct. 1 if congressional Democrats and Republicans cannot compromise on budget legislation.
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