Gold Looking For More Ammo, FOMC Minutes Up Next: For Pete’s Sake

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Kitco News speaks with Peter Hug about gold as the markets wait for the FOMC minutes to released Wednesday afternoon. Hug comments on gold opening lower today from the 3.5-month high it hit on Tuesday and says this pause is justified. “We were very constructive of the gold market a few weeks back, looking for a 1325 target. We hit that target over the last couple of days,” he says. “We expected this pause…The market is consolidating, it’s looking for some new news.” Hug also talks about the change in the gold-silver ratio, which he says was a move he expected. “We thought the mean average for the ratio should be closer to 60 than 65:1,” he says. “So we called the 65 to 60 and so far it looks like we’re right.” Finally, Hug talks about the FOMC minutes and G20 meetings all taking place this week. Watch now to get Hug’s key ranges for the gold market. Kitco News, February 19, 2014.

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