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(Kitco News) – Peter Hug, Global Business Director for Kitco Metals, remains constructive on gold and silver for the long haul, and if the economy improves next year, silver could trade in the $ 40 range.
“From my macro perspective that gold will be doing extremely well in 2021, I think $ 24 silver will look cheap when you think about it. Is it possible that we will see silver drop to $ 20, $ 22, in that range on a pullback? Absolutely in this context I would buy silver, with the proviso that I am a bullish gold and believe gold will behave with gold and if the economy starts growing silver will outperform gold and surprise on the upside, ”Hug said.
Stock markets are up, with the S&P 500 up 1%, the Dow Jones up 1.14% and the NASDAQ up 0.47% as of 2 p.m. EST.
Spot gold is up 0.46%, while silver is up 1.4%.
The United States recorded 153,000 new COVID infections on Thursday, a new daily record. California is now the second state after Texas to record 1 million cases.
Hug said the government’s response has been inadequate.
“What worries me here is that no one is running the country. There is no answer here. You’ve got President Trump who’s gone AWOL, he’s just not responding to any of this COVID news, and you’ve got Biden talking about a new approach, but his approach won’t be effective until January 21, so you don’t. really have no one to run this. ship, ”he said.
Warning: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to effect an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.
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