Make Kitco Your Homepage

Gold rebounds, but should traders stay bullish? Peter Hug talks strategy

Kitco News

Gold has rebounded on Friday, up 0.56% as of 2:00 pm EST, while equities indices are falling. Traders should not assume, however, that gold is decoupling from risk assets based on one trading session, said Peter Hug, global trading director of Kitco Metals.

Hug advises traders to stay flat going into the November 3 election, while investors should not be liquidating their positions now and focus on the long-term fundamentals.

The Kitco weekly Gold Survey showed a bias towards bullishness from experts, with 69% of the “Wall Street” side voting in favor of bullish action next week.

“Main Street” voters, or retail investors, had a more mixed outlook: 52% voted bullish, while 33% was bearish, and 15% was neutral. “I agree with Main Street. Main Street is right in the middle, they’re uncertain,” Hug said.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.