Peter Hug, as director of global trading, is paid to care about the price of gold, not that he doesn't anyway. At the beginning of this year Peter was bullish on gold when it was in the mid $1500's. After all, the economy was vibrant, stocks were trading at near all time highs and the outlook, while positive, was not overwhelmingly so. Then came Covid. Peter warned investors that gold/silver would drop initially and then head higher. Stimulus lead to stock price recovery and stock market reflation. Peter then targeted $1750, which gold hit and then pulled back. The equity markets may come under renewed downward pressure, which again may be a negative for gold. Peter is now calling for $1911 by year end. Remember, his call for last year was $1550, and he was very close. As for the next generation of investors, millennials are more interested in digital gold products than physical gold. As the boomers drop, millennials will be dumping their inherited metals hoards. Or perhaps they may wise up.
Peter Hug has been involved in precious metals since 1974. He began gaining first-hand investment industry experience at Deak-Perera. He served as SVP at Guardian Trust Company, which became one of the largest international trading houses for precious metals. He developed the first precious metals certificate program and the first margin trading accounts for metals on the cash market. Peter has acquired extensive experience in the wholesale markets and international asset diversification. A frequent speaker at precious metals conferences and in the financial media, he is one of the handful of experts who have succeeded through multiple bull and bear cycles on the strength and skills honed during the dramatic fluctuations of the 1980s. As the Director of Kitco's Precious Metals Division, Peter develops newer and better investment options for Kitco customers.