Gold Price Shows Big Hands Interested In Metal - Peter Hug

Gold prices hit a three-and a half month high this Wednesday amid a sharp sell-off in world government bond markets. Peter Hug, Global Trading Director of Kitco Metals, has been constructive on gold over the $1,300 level, but wants to see the yellow metal move higher before he becomes bullish on the momentum. “I’d like to see a close above $1,322 on gold and $17.22 on silver to create more momentum to the upside,” Hug told Kitco News, “It’s failed at both those levels for both metals three times, so until [the metals] clear that level, I’m still neutral at this level.”Hug said that the main catalyst behind gold’s rally Wednesday was news that China may be backing away from U.S. treasury bond buying. “It was enough of a story to scare the market,” Hug added. “The fact that gold is sitting at $1,315 [an ounce] indicates to me that there is an underlying worry to this market and big money has got some of that allocation into gold,” Hug said. (show less)

Gold prices hit a three-and a half month high this Wednesday amid a sharp sell-off in world government bond markets. Peter Hug, Global Trading Director of Kitco Metals, has been constructive on gold over the $1,300 level, but wants to see the yellow metal move higher before he becomes bullish on the momentum. “I’d like to see a close above $1,322 on gold and $17.22 on silver to create more momentum to the upside,” Hug told Kitco News, “It’s failed at both those ... (read more)

Daniela Cambone

Daniela Cambone

Editor-in-Chief

Biography
With over a decade of international experience, Daniela Cambone covers prominent industry events and interviews a number of leading analysts, financiers and political leaders for Kitco News. She began her career covering the Canadian financial and insurance industry and later worked in Europe covering the political and financial scene for the International television station, Press TV. Daniela holds a BA in Broadcast Journalism and an MA in Journalism & Communications.

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