Gold's Key Level $1,278 Needs To Hold: Peter Hug

Peter Hug is in studio to talk gold prices, Chinese gold imports as well as where he thinks the metals are headed. "I have not liked this gold market for the past few weeks, I find it very heavy," he says. "Other than the geopolitical issues in Ukraine, which has caused some support in the market, there have been very little fundamental reasons to be long this market in the short term." Hug says that although the Ukraine situation caused buoyancy in the gold market, what it is really missing is physical demand. "It's almost non-existent in North America and the Chinese just haven't stepped up to the plate like they did in 2013." Tune in now to hear his take on recent news regarding Chinese gold imports as well as his thoughts on silver on this edition of "For Pete's Sake." Kitco News, April 22, 2014.