Kitco News continues its Outlook coverage with the one and only Santa Pete, who gives his 2014 forecasts for gold and silver. He says the market was oversold last week in anticipation of tapering, which explains the bounce on Tuesday. “I just don’t see it,” he says. “I think the U.S. economy is mending slowly. I’m not saying tapering is not going to happen. I’ve been saying it’s not going to happen this year,” he adds. Hug thinks the trend next year will be for higher yields and that could have a negative impact on the metals. However, given the debt ceiling issue coming up, Hug says there could be a surprise on the upside short term. Tune in now to hear where Santa Pete thinks the metals are headed. Kitco News, December 10, 2013.
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In September 2011 the Gold Bugs index, the HUI stood at 630 as gold prices peaked, since then both have trended lower with the HUI losing about 65% of its value. The bottom has been called a number of times and after such a dramatic decline its difficult not to think that we are there now. However, as we all know the timing of any investment is crucial to its success and that is exactly what we are trying to do here, trying to pick advantageous entry and exit points. If you would like to know which stocks we are buying and selling please join us at ‘Stock Trader’ our premium investment service.
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