Some ‘Shenanigans’ In Gold Fix; Argentina Tangos With Default: Peter Hug

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Consumer Confidence hits a near-seven-year high and gold feels the pinch. Kitco News’ speaks with Peter Hug to see how he sees the metal set up for the upcoming heavy economic data week. “The market is reacting to news bites,” Hug says. “[But] the volumes that are going through are fractional from what they should be based on some of the news events that are occurring.” Hug also comments on the FOMC, GDP and nonfarm payrolls as well as the impending Argentinean default. Finally, he makes remarks on LBMA’s announcement this morning of including a third-party administrator for the London Gold Fix. “It’s basically an admission that there have been some shenanigans in the past,” he says. Tune in now to find out why he thinks the market close on Friday may mimic Monday’s open. Kitco News, July 29, 2014.

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