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Gold Under Pressure, Struggles to Find Clear Direction; Silver Hits 6-Week Low

Kitco News -- Gold and silver are both solidly lower in U.S. trading Wednesday, pressured by rallies in most major world stock markets today.

Kitco News -- Gold and silver are both solidly lower in U.S. trading Wednesday, pressured by rallies in most major world stock markets today. One senior market trader says that there is too much noise in the market for gold to find a clear direction. ‘We don’t have a clear path here – the way the currencies are moving back and forth are having a dramatic impact on gold. Gold is moving at a slower pace,’ said Todd Bubba Horwitz of the Adam Mesh Trading Group. December Comex gold was last down $13.30 at $1,125.10 an ounce. Horwitz said he still likes the gold space and would not be surprised to see the metal head back to last week’s highs. ‘I think eventually gold will make its way back up – it has an outstanding chance of hitting $1,200,’ he told Kitco News. For now, the senior trader said the metal is ‘churning’ in this range but overall, it is a good, long play. September Comex silver hit a six-year low this morning and was last down $0.465 at $14.14 an ounce, but Horwitz said there is great potential for the metal. ‘I like silver more than gold, it has a much bigger upside and can double and triple – but not tomorrow,’ he said. ‘You want to start accumulating silver at these levels,’ he added.

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