Gold’s "Wishy Washy" Trading, Needs to Consolidate – Peter Hug

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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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