(Kitco News) -The World Gold Council elected Randall Oliphant as its chairman, the group said late Tuesday.
Oliphant is the executive chairman of New Gold, and succeeds Ian Telfer, chairman of Goldcorp Inc.
"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," Oliphant said about his new role.
The World Gold Council is the market development organization for the gold industry and has played an influential role in the promotion of gold as an investment vehicle and in the creation of gold-backed exchange-traded funds around the globe.
Oliphant is just one of the new faces at the council. On Thursday, said William Rhind is the managing director of its new institutional investment program. According to the council, the new program is “responsible for developing and implementing initiatives focused on expanding the use of SPDR Gold Shares (NYSE: GLD) and other physical gold-backed products.”
Kitco News will speak to Oliphant Wednesday about his new role and the gold market.
By Neils Christensen of Kitco News email@example.com