As markets await the release of the minutes for the July Federal Open Market Committee (FOMC) meeting, Kitco’s global trading director Peter Hug tells Kitco News he doesn’t expect the central bank to make a move on rates in September. “I’ve been in the camp that the Fed may not move until 2016,” he says. “I’m sort of begging Yellen to raise the rate in September and get it out of the way. She’s got herself in a corner.” Looking at gold, Hug seems optimistic about the metal, stating that he’s ’surprised’ with the current consolidation levels. “Every time gold tries to break down below $1,110 there seems to be buying interest. So I am constructive gold at these levels.” Hug shares the same sentiment towards silver, although he adds that it may be a little riskier right now. “Silver is still tentatively a bit of a risk here but at a 75:1 ratio…I think silver is a good buy at the 14.80 level.” Tune in now to find out where he sees the gold and silver prices headed for the rest of August. Kitco News, August 19, 2015.
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I like how Peter always seems grumpy..