Yellen Changing Tune, Gold Bulls Need Conviction: Hug

[youtube 3_JGOlBjrM4]

Kitco News gets Peter Hug’s reaction to Janet Yellen’s first testimony on this edition of “For Pete’s Sake.” Hug says Yellen is changing her language a little based on her speech on Tuesday. “I think the Fed is trying to set us up from a perspective that the unemployment rate may not be the primary gauge they are looking at going forward,” he says. Tapering will be economic-data dependent, he adds. Looking over to gold, which reached a 3-month high on Tuesday morning, Hug says the market has been struggling. “As long as $1,278 can hold, I think the market is constructive from a technical perspective but the bulls are not convicted.” Moreover, Hug is disappointed in silver saying that it should be behaving better. “I think silver is still suffering from the perception of the emerging market issues and deflation in Europe.” Watch now for Hug’s key ranges for gold. Kitco News, February 11, 2014.

Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: http://kitcomm.com — Or join the conversation on social media: @KitcoNewsNOW on Twitter: http://twitter.com/kitconews — Kitco News on Facebook: http://facebook.com/kitconews — Kitco News on Google+: http://google.com/+kitco — Kitco News on StockTwits: http://stocktwits.com/kitconews

As well as the most accurate precious metal prices online, Kitco also provides up-to-the-minute news with usable market information. Videos provided by and © Kitco.