Although gold prices remain under pressure, one longtime trader says he wouldn’t be surprised to see the metal jump $50 higher. ‘The monetary stimulus in this market will be here to stay for at least the next few years and I think that’s underlying bullish for the metals,’ Kitco’s global trading director Peter Hug told Kitco News Wednesday. ‘I think there is potential for accidents to happen [and] within the realm of possibility, I wouldn’t be surprised to come in one day and see gold up $50 instead of down $40.’ The yellow metal fell under pressure earlier in the week, seeing its biggest one-day drop in nearly three years, last settling down 0.08% at $1,268.60 an ounce on Wednesday. However, Hug doesn’t seem too convinced by the selloff. ‘Unless I’m living on another planet, I have seen absolutely nothing that has changed.’
Why a $50 Uptick In Gold Wouldn’t Surprise This Trader | Kitco News |
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