Kitco's Peter Hug is in studio to talk gold prices, U.S. jobs numbers
and a potential U.S. crisis by the end of the year. "The [gold] market
is in my opinion trading in a 'whishy washy' type of manner. I think it
needs to consolidate here," Hug says. "[Gold] absolutely needs to hold
$1,325 to continue the upward momentum." According to Hug, as long as
equity markets have some upward momentum, his target is $1,355 between
now and when the "next crisis" occurs at the end of the year. "I think
the focus in the very short term, over the next 4 weeks or so, is going
to be related to the value of the U.S. dollar relative the Euro and the
movement in the equity markets," he adds. With regards to the looming
debt ceiling debate in 3 months, Hug says holding a core position in
gold covers the worry element of the market. Tune in now to hear what
Hug has to say about the Fed and precious metals prices. Kitco News,
October 23, 2013.
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