Gold Trapped In Heavy Market Says Hug

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Peter Hug is on Kitco News to comment on gold and PGMs as South African strikes are set to begin on Thursday. Hug expects the platinum strike will follow most strikes that have occurred in the country and says it should be short-lived. “On that premise, I think platinum is overvalued relative to gold,” he adds. Looking over at gold, Hug says gold is trapped in a range. “I’ve been looking at $1,255 being breached on the upside with some momentum, but it’s just not been able to do it. It’s tried three times,” he says. Hug also comments on Morgan Stanley’s recent cut on its gold forecast. “They’re basing this on an economic recovery, with interest rates gradually working their way higher throughout 2014, which creates a scenario where gold — a non-performing asset — doesn’t have the allure that it had in this recent cycle.” Tune in now for more on gold, silver and the PGMs with Peter Hug. Kitco News, January 22, 2014.

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