Gold Price Acting Difficult, But Summer May Bring Heat
- Published on May 22, 2019
- Investors may be in for “fireworks” this summer if precious metals producers are unable to keep up with what would be very high retail demand should prices drop lower, this according to Peter Hug, global trading director of Kitco Metals.
“I think south of $14 [an ounce for silver], there’s going to be extreme interest in the market from the retail public. And if that happens coming into June, July, when the refineries and the Mints, i.e. the U.S. Mint and the Royal Canadian Mint, tend not to have peak production, that tends to spike premiums, so there could be some fireworks coming this summer,” Hug told Kitco News.
He noted that key support levels will be $14 an ounce for silver and the low $1,200s for gold, as a fall below those levels could trigger strong retail demand.
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