Gold Tests $1,180 Double Bottom, ‘Nothing But Noise’: Hug

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Peter Hug is on Kitco News to explain gold’s price volatility on the last trading day of 2013. “It looked like the market was caving in,” he says. “[But] this market is nothing but noise.” Hug attributes Tuesday morning’s fluctuations to an extremely thin market as well as traders wanting to lock in their capital losses. He says that when gold was unable to break through its double bottom of $1,180 this morning, bargain hunters came into the market and pushed it right back up. “I would imagine that the range for today has been seen and everybody that needed to square is probably done,” he adds. Tune in now to hear what Hug expects for the new year for gold and silver. Kitco News, December 31, 2013.

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