Investors no longer believe that President Donald Trump’s proposed tariffs will be detrimental to markets, this according to Peter Hug, Director of Global Trading at Kitco Metals.
“The market has basically reversed about 50% of the gains [in gold] since that announcement on the Chinese tariffs, [investors] believe that Trump’s bark is worse than his bite, and they don’t think it’s as serious,” Hug told Kitco News.
“Got a rebound in stock markets and people took profits in gold.” Hug added that in this “difficult” market, investors should hold a percentage allocation in gold to hedge against the myriad of risks.
- Source, Kitco News
