A passive Fed, lower oil and continued flux in the global equity markets continue to be price supportive for gold says Kitco Metals’ Global Trading Director, Peter Hug. “The target is the $1,122 area, where a break will create upside momentum,” he explains to Kitco News. “I think gold moves either way. If you have oil and equity markets collapsing – gold picks up a safe haven bid here. If you don’t have a collapse you can make the case that the economy is on the mend and with higher oil, you can then factor in inflation creeping back in the picture which is also supportive for gold,” explains Hug. He adds that having deflationary and inflationary scenarios being price positive for gold is very “unusual” but adds, “I think gold will catch that bid.” Kitco News, January 26, 2016.
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Gold Hits Peter Hug’s Key Point Of $1,122 | Kitco News | |
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| News & Politics | Upload TimePublished on 26 Jan 2016 |
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