Gold Hits 2-Week Low; Higher U.S. Dollar Works Against Precious Metals Bulls

Kitco News--Gold prices ended the U.S. day session lower and hit a two-week low Wednesday.
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Kitco News--Gold prices ended the U.S. day session lower and hit a two-week low Wednesday. A higher U.S. dollar index on this day also worked against the precious metals market bulls. But one market strategist is staying firm on his bullish position for gold. ‘I think that gold still looks really solid. It has held $1,100- and it went right to $1,140 – that’s where we failed, you want to be a buyer and owner at these levels,’ said Todd ‘Bubba’ Horwitz of the Adam Mesh Trading Group. ‘Don’t try and outguess it; this is the right time to be in gold,’ the senior market strategist said in an interview with Kitco News on Wednesday. December Comex gold was last down $11.80 at $1,115.00 an ounce. December Comex silver was last down $0.078 at $14.49 an ounce. As for the comments made by Billionaire investor Carl Icahn, on the market being ‘way overpriced,’ Horwitz said, he aggress that many investors have put themselves in ‘dangerous’ positions. ‘I do agree with his philosophy that the market is overvalued -- but one of the problems I have is we have a lot of people that have a strong voice; they already made the trade, and now they are announcing what they think. So he is manipulating the market, looking for it to sell-off.’ Horwitz summed up, ‘Carl is doing what Carl does. ’