"The rally was more of a dead-cat bounce and a test of the lows is in order. We are watching the $1,328 level on a weekly basis. Until gold closes above that level, we will trade it from the short side. We are long-term bullish, short-term bearish."
Frank Holmes is the CEO and chief investment officer of U.S. Global Investors, Inc., a boutique investment advisory firm based in San Antonio that manages domestic and offshore funds specializing in the natural resources and emerging markets sectors.