Regarding the sharp sell off on Wednesday, Hug lays the blame on lots of long positions that needed lightening ahead of the Fed announcement.
"They were just making sure that if the Fed said something different...they would be able to take some money off the table. And I think that caused the selling today," said Peter Hug, head of Kitco's precious metal division.
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.