Gold Slips Lower Wednesday Afternoon, Hitting a 4-Week Low

Kitco News - Gold prices slipped late Wednesday, flirting with the $1,100-an-ounce level and trading at its lowest point since August 11. The move marked a fresh four-week low, with Comex December gold futures last down $16.70 at $1,104.30 an ounce. ‘I think you probably will see some buyers here pretty soon – we have established a new range which is about $1,070-$1,080 up to about $1,140. The market itself is getting tighter and tighter and getting ready to make a much bigger move,’ said Todd ‘Bubba’ Horwitz in an interview with Kitco News. Silver was also struggling with December Comex silver down$0.17 at $14.585 an ounce. Horwitz noted that silver is his current trade of choice. ‘I would be a buyer of silver, knowing it can go a little bit lower – but knowing it can go back to $17 -$18, silver is an asset you want to own here.’