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Financiers have to remember that the fundamental cause of this existing economic crisis is different from that of the last one in 2008 and should price gold in appropriately, stated Peter Hug, worldwide trading director of Kitco Metals.
" This is not the monetary situation of 2008, this is a health and wellness crisis. Gold did rally from the $1,500 s to the mid-$ 1,700 s and also is currently straddling the $1,700 mark and every person's preparing for that gold must be $3,000 an ounce because of the Fed stimulation," Hug told Kitco News. "I'm simply not persuaded that enormous rising cost of living impends."
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What the gold price should be; this is not like 2008 says Peter Hug
Investors have to remember that the fundamental cause of this current recession is different from that of the last one in 2008 and should price gold in accordingly, said Peter Hug, global trading director of Kitco Metals.
“This is not the financial crisis of 2008, this is a health crisis. Gold did rally from the $1,500s to the mid-$1,700s and is now straddling the $1,700 mark and everyone’s anticipating that gold should be $3,000 an ounce because of the Fed stimulus,” Hug told Kitco News. “I’m just not convinced that massive inflation is imminent.”
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