Gold is Talking and Hinting at Key $1,300 Level - Expert

KITCO NEWS -- When the gold market talks, this one trader listens....carefully.

Veteran trader Bob Iaccino of Path Trading Partners, said that the metal seems to be hinting at higher prices. All eyes are now on $1,300 gold but Iaccino says the market may be eying a higher level. "It's a breakout of $1,300 that I'm looking for. Gold is telling me more like $1,343 than $1,300," he told Kitco News. "[T]hat to me, is a spike in geopolitical tensions, a spike in the VIX, a weakening dollar - a perfect storm for stronger gold." Gold prices were ending the U.S. day session higher and scored a nearly two-month high on Thursday. The gold market bulls are now within striking distance of the psychologically important $1,300.00 level. December Comex gold was last up $11.30 an ounce at $1,290.50. September Comex silver was last up $0.212 at $17.07 an ounce.

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