Peter Hug is back on Kitco News to talk about the many headlines affecting gold prices this week. Hug comments on Tuesday’s Q3 GDP and consumer confidence data as well as the much-anticipated Swiss gold referendum, expected to be resolved Sunday. How does he see gold set up? “In this short term – and by short term I mean over the next few days, especially with the Thanksgiving holiday and the Swiss gold referendum on Sunday – I think the market is very hesitant to be aggressively short,” he says. “I suspect the risk to the market might be to the upside in the very short term until we get some of these news items out of the way early next week.” Hug also shares his insights on a recent MarketWatch opinion story saying that the Federal Reserve relies on ‘misleading indicators’ to determine whether or not to raise rates: unemployment and inflation. “I may agree somewhat on the basis of the employment rate…[it] may not be as a significant indicator for the Fed as it maybe was 10 years ago,” he says. “But I don’t agree with the writer on the inflation argument. I do think that is very important for the Fed to watch, [but] I don’t see that being an issue in the short term.” Tune in now to hear what ranges Hug is looking at for gold this week. Kitco News, November 25, 2014.
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