Has Gold Lost Its Safe-Haven Allure? – Peter Hug

TDC Note – Just remember, Peter Hug is the person that called you crazy a few days ago because you think hard assets and real money are more prudent than fiat, debt-based currency. If something goes wrong with our financial system (oh yeah, it already has!!) would you rather have a handful of paper dollars, backed by war, I mean nothing; OR a handful of fractional gold coins? Seems pretty simple to me. I think Peter is the one who is crazy for calling his customers ugly names. What an idiot. You don’t have to push play if enough choose not to listen I will be done with this bone head. from Kitco News Kitco News speaks with Peter Hug following yesterday’s big price drop in gold to see how he sees the metal set up for the rest of the week. “The metals look heavy,” he says, adding that if issues between Greece and the European Union are resolved, gold could test $1,197. “And that, in my opinion, absolutely needs to hold. If we lose $1,197, I think it brings in the prospect of seeing the lows of 2014…which would be around the $1,130 level.” Looking to the Chinese New Year, Hug says the demand from China could have a negative influence on the metals. However, Hug remains confident for gold prices in the event that Greece leaves the EU and the potential ripple effects that would have with other struggling nations in the region. “So, all of those things will create enough consternation to push gold up and it could be significant,” he says. “It could be in the magnitude of $100 or $200 if these Greece-EU talks fall apart.”

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