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Where Does iiTrader See Gold & Oil Headed Next?

KITCO NEWS -- Gold slightly pressured Tuesday, and iiTrader’s senior strategist Bill Baruch says it's because of the downward pressure lower copper and crude prices are having on the metals.

KITCO NEWS -- Gold slightly pressured Tuesday, and iiTrader’s senior strategist Bill Baruch says it has really been because of the downward pressure lower copper and crude oil prices are having on the metals. ‘Commodity prices, such as copper and crude oil, have really held back gold and silver,’ he said in an interview with Kitco News Tuesday afternoon. 'The problem with gold at this point is that it is relying so much on this safe-haven bid,’ he said. ‘It’s going to have to chew away some of its safe-haven bid in order to move with commodity prices, if, per se, commodities move higher.’ February comex gold futures were last quoted down $4.10 at $1,086.60 while March silver contracts traded up $0.124 at $14.020 an ounce. Looking at the oil market, Baruch said he wouldn’t be surprised for oil futures to move higher. ‘We believe the March contract can recover,’ he said. West Texas Intermediate crude oil settled at $28.46 a barrel Tuesday, its lowest level since September 2003.

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