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Why precious metals are whipsawed the week before Labor Day - Peter Hug
With holidays and families preparing for the fall, there are not that many traders, which leads to all sorts of volatility, said Peter Hug, head of Kitco’s precious metal division.
Hug spoke to Kitco News on Wednesday when October gold futures traded down $35.40 to $1,935.40.
"During the last week of August, leading up to Labor Day, trading tends to be very, very thin. Lots of people are organizing their kids for school and trying to take advantage of the last week of [unofficial] summer. It doesn't take a lot to move the markets," said Hug. (show less)
With holidays and families preparing for the fall, there are not that many traders, which leads to all sorts of volatility, said Peter Hug, head of Kitco’s precious metal division.
Hug spoke to Kitco News on Wednesday when October gold futures traded down $35.40 to $1,935.40.
"During the last week of August, leading up to Labor Day, trading tends to be very, very thin. Lots of people are organizing their kids for school and trying to take advantage of the ... (read more)
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