What To Do With Gold? Peter Hug Summer Series

Peter Hug, global trading director for Kitco Metals said that while gold is not quiet near a bottom, current prices could provide some value for long-term investors. He added that although gold prices could go lower, the downside risk appears limited. The Gold market has been stuck in a downtrend, losing more than 10% since Mid-April. Because of current U.S. dollar strength, Hug warned that gold prices could fall to $1,180 an ounce before this downtrend comes to an end. He added that the ultimate sign of the bottom is when investors start dumping gold for no reason. “I am looking for people in essence to throw the baby out with the bath water,” he said. “I would like to see a washout in this market with a fundamental reason…We are not quite there yet. (show less)

Peter Hug, global trading director for Kitco Metals said that while gold is not quiet near a bottom, current prices could provide some value for long-term investors. He added that although gold prices could go lower, the downside risk appears limited. The Gold market has been stuck in a downtrend, losing more than 10% since Mid-April. Because of current U.S. dollar strength, Hug warned that gold prices could fall to $1,180 an ounce before this downtrend comes to an ... (read more)

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The Kitco News team speaks to analysts and experts on the frontlines of the market to get the most up-to-date news on the economy. The show offers a well-rounded, timely view on big market moves and any major headlines that may affect financial assets. Coined – no pun intended – as the number one source of precious metals news, Kitco News is the leading provider of up-to-date price action in the precious metals space.

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