Gold’s Breakout Week? – "For Pete’s Sake" w/Peter Hug of Kitco

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Kitco’s Peter Hug talks gold as major economic data is released this week. Data to be released this week include the jobless claims along with manufacturing data from China. It is also a major week for central banks as FOMC, BOE and ECB meet to discuss interest rates. “There’s may be enough fundamental news out this week to create a catalyst for a break [in gold],” Hug said. Hug discusses hedge funds’ wagers on a gold rally as well as the World Gold Council’s prediction that China will surpass India as the world’s biggest gold consumer. In Asia, a silver vault was recently launched to hold 200 metric tons of the metal. According to Hug, it only makes logistical sense that major banks are opening vaults in Singapore to meet demand in the region. Will the metals breakout this week? Tune in to hear Hug’s outlook on gold and silver. Kitco News, July 29, 2013.

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