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In an interview on Wednesday, Hug kept in mind that precious metals costs were over-extended after both steels had sensational runs. In the past weeks, gold hit a record high and also silver attained a multi-year high.
" Silver added to $30. Gold added to nearly $2,100– all a little as well swiftly in my point of view," stated Hug. "That's when the profit-taking embeded in. It was simply a really tiny door with everybody attempting to get out. And then as the market relocated lower, people that were in at higher prices were getting margin hire the mid-day, which simply accelerated the relocation."
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Gold and silver ran up a little too quickly, said Kitco's precious metal division head, Peter Hug.
In an interview on Wednesday, Hug noted that precious metals prices were over-extended after both metals had phenomenal runs. In the past weeks, gold hit a record high and silver achieved a multi-year high.
"Silver ran up to $30. Gold ran up to almost $2,100--all a little too quickly in my opinion," said Hug. "That's when the profit-taking set in. It was just a very small door with everybody trying to get out. And then as the market moved lower, people who were in at higher prices were getting margin calls in the afternoon, which just accelerated the move."
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Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.
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