Key for Gold to Hold $1324 – "For Pete’s Sake" w/Peter Hug of Kitco.com

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Kitco Metals’ Peter Hug talks about gold’s 4-week high, the US dollar and Asian markets on this edition of “For Pete’s Sake.”According to Hug, the $1,300 break on the upside may be a buy signal. “When you see resistance levels and difficulty getting through those resistance levels, which we saw last week at $1,300, the trade is a short. Vice versa, when it breaks up through resistance levels, the trade is a long,” he added. However, despite the break through $1,300, Hug does say he is not seeing the momentum just yet. However, the continuous monetary stimulation coming out of the US, Europe, Japan and China coupled with physical demand in Asia and ETF outflows slowing down are indications that it may be a good buy, Hug added. Tune in now to hear his take on gold and silver prices. Kitco News, July 22, 2013.

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