Gold Higher as Oil Firms Up; Commodities Are 'Very Close to a Bottom' - Sr. Trader

Gold is modestly higher in early U.S. trading Wednesday, lifted by key factors which are in a bullish posture: a lower U.S. dollar index and firmer crude oil prices. This comes one day after crude prices were hovering near seven year lows. ‘We are seeing an entire collapse of the commodity complex,’ said Todd ‘Bubba’ Horwitz, a senior trader and host of The Bubba Show in an interview with Kitco News. ‘As long as the U.S. dollar continues to churn higher, it will continue to pressure commodities …we are at 18 year lows on the Bloomberg Commodity Index,’ he said. He added that some solace will come for gold when the upcoming U.S. Fed meeting takes place next week. ‘I think that commodities are very much near a bottom here but it will come down to what Yellen does next week,’ he said. The veteran trader added, ‘ I think gold has been under an extreme amount of pressure and I’m still a fan of gold…I’m not saying we are bottoming tomorrow but you are much better off being a gold owner here than a gold seller.’ Kitco News, December 9, 2015. (show less)

Gold is modestly higher in early U.S. trading Wednesday, lifted by key factors which are in a bullish posture: a lower U.S. dollar index and firmer crude oil prices. This comes one day after crude prices were hovering near seven year lows. ‘We are seeing an entire collapse of the commodity complex,’ said Todd ‘Bubba’ Horwitz, a senior trader and host of The Bubba Show in an interview with Kitco News. ‘As long as the U.S. dollar continues to churn higher, it will ... (read more)

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