Don’t Be Fooled, U.S. Dollar Still Key Player For Gold: Veteran Trader

Gold prices moved higher on Tuesday in lockstep with the dollar.
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KITCO NEWS - Gold (GOLD) - Get Report  prices moved higher Tuesday as the dollar also climbed. Is the correlation between the dollar and gold shifting? According to veteran trader and longtime market watcher, Todd 'Bubba' Horwitz, this is just a one-off occurrence. 'When you look at the overall picture, the dollar hasn't really moved that much, it's still near multi-month lows right now,' he told Kitco News from the Chicago Mercantile Exchange Tuesday afternoon. 'So, I don't see that fundamental shift. The relationship between gold and the dollar will remain the same as long as we have the Federal Reserve involved.' Horwitz also commented on silver (SI) , which he remains bullish on. June gold futures were last up $10.70 at $1,230 an ounce on the day while May silver futures were up 1.01% at $15.095 an ounce.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.