Next 60 Days Key for Gold; 2013 Prices Will Surpass Historical All-Time High – "For Pete’s Sake!"

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With much on the economic agenda, the next 60 days are key for the gold market according to Peter Hug. We examine this in today’s edition of “For Pete’s Sake!”, along with the recent volatility effecting gold prices. In Hug’s opinion, 2013 will be more volatile than 2012, and we can expect to see volatility in the gold market continue and possibly increase, regardless of price direction. As far as upcoming market events that will make the next 2 months crucial for gold, we have the on-going fiscal cliff fiasco at the forefront. Hug calls the partial agreement reached a “joke”, and although it temporarily alleviated some concerns in the market, which caused a move back into risk assets and a brief rally in gold, the current agreement leaves more yet to be decided by Congress as the year progresses and the issue will continue to haunt markets; other upcoming events on the economic calendar include the debt ceiling and on-going European debt crisis. Despite all of this increased volatility, however, Hug sees gold prices in 2013 surpassing and taking out 2012’s high and moving into/above the $1900 range. Having said that, he isn’t completely convinced that we’ve seen the bottom yet, but he doesn’t see prices going below the $1625 range. Regardless, Hug still views the current range as a good buy in price-point given the highs expected for gold prices in the second half of 2013. Kitco News, Jan. 9, 2013.

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