Gold after Bernanke - Peter Hug of Kitco Metals

Peter Hug talks gold after Federal Reserve Chairman Ben Bernanke's testimony in front of the US House of Representatives on Wednesday. According to Hug, Bernanke's comments were nothing different from what he's been saying for the past 3 months. "He's basically saying and been saying that if the economy improves he'll consider easing off on the tapering program, which doesn't mean increasing interest rates. If the economy gets worse, not only will he continue his bond purchases but he may even increase them. So it's status quo," Hug said. "This [gold] market is at risk of further weakness," Hug added. He is concerned because negative news coming out of Europe and Egypt as well as the Fed's continuous easing should propel gold prices higher but they are actually in a downward trend. Prices are going down because people are looking for returns so they are getting out of gold and seeking assets that yield returns, Hug said. Tune in now to hear Hug's resistance and support levels for gold. Kitco News, July 17, 2013.