Gold Could Test $1,320 On Employment Data

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Kitco News speaks with iiTrader’s Bill Baruch about gold’s rally on Monday as ISM Manufacturing Data was released. Gold futures jumped by more than $20 an ounce and the stock market dropped following the release of disappointing data by the Institute of Supply Management. “Looking over at the equity market, not only has volatility pick up this morning, it picked up all year,” Baruch says. “Gold is becoming a safe-haven as investors flock to the metal.” Baruch also comments on the looming debt ceiling issue, which is expected to reach headlines later this week. “I’m not too concerned for the debt ceiling this Friday, what I’m really looking at is jobs data,” he says. Baruch says the data needs to be better-than-expected in order to stabilize the stock market. “So, if data is not only good but misses, gold could really test the 200-day moving average, which comes in at about $1,320.” Watch now for more of his thoughts on gold and the stock market for the first week of February. Kitco News, February 3, 2014.

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