Gold At Critical Level - Peter Hug

As gold continues its decent, Kitco News speaks with Peter Hug to see if he sees a turnaround for prices. According to Peter, fundamentals look weak for gold. “Fundamentally, we’ve been relatively negative the gold market,” he says. However, he says some pillars have been holding up the market, including uncertainty in Greece. Peter argues that the strong dollar is what is pushing gold prices down since the metal is a dollar-based commodity. Since the market is extremely short, however, Peter says any surprises may provide significant pops to the upside. “But there are significant headwinds, from a commodity perspective, for the price of gold as long as this dollar remains stable to stronger, and the equity markets in the U.S. remain stable to stronger.” Tune in now to see what levels Peter is looking at for gold under current market conditions. Kitco News, March 10, 2015.