Gold Market ‘Aggressively Short,’ Any Surprise Should Be To The Upside: Hug

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Peter Hug is on Kitco News to talk about the rising dollar, dipping oil prices and the U.S. mid-term election results expected to come out this evening. Hug also comment on this week’s European Central Bank meeting which, given weak economic data out of the region and last week’s Bank of Japan announcement for further easing, people expect Mario Draghi to announce further stimulus in the EU. “We find ourselves in a situation where…the U.S. recovery is ahead of the European economy,” he says. “You’re seeing basically a currency war. The Europeans and the Japanese want their currency down…and the beneficiary of that is the US dollar.” Hug also says that he doesn’t see the mid-term elections affecting the metals directly but says that it is important for the President and Congress to come together on fiscal policy soon because the Fed ‘can’t keep this boat floating forever.’ Finally, he touches on the weaker oil prices and how it is affecting the whole commodities complex. “This price drop in oil is logical.” Tune in now to get Hug’s key levels for gold this week. Kitco News, November 4, 2014.

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