Gold Below $1,300 On ‘Very Dismal’ GDP Data, FOMC On Deck: Peter Hug | Kitco News

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Kitco News speaks with Peter Hug following the release of weak Q1 GDP numbers and before the much anticipated FOMC meeting conclusion later today. “Right after the ADP numbers, we had some very dismal GDP numbers for the first quarter,” Hug says. “That, in my opinion, should have created some serious short covering on the metals.” Gold is now trending lower and Hug says he expects the Fed to stay on course. “I think they’re going to blame a lot of this stagnant growth in the U.S. on the weather,” he says. “That will create a headwind for gold because I believe the Fed will continue on its tapering course.” Tune in now to get Hug’s key levels for gold. Kitco News, April 30, 2014.

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