(Kitco News) – The chorus of hedge funds warning investors not to chase the gold market continues to grow as the precious metal struggles to find traction after the $2,000 an ounce level has proven to be stronger than expected near-term resistance.
Mark Mobius, founder of Mobius Capital Partners, is the latest fund manager to voice his concern regarding the price action in gold.
In a statement to U.K.-based Financial News, Mobius said that investors should wait for a correction in gold before jumping into the market.
“The safest investments are equities and precious metals such as gold. However, I would not advise buying gold or precious metals at this time until a price correction has taken place,” he said in the article.