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Why the gold price drop was just more positive news for precious metals – Peter Hug

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Despite Thursday’s precious metal sell-off, conditions have not changed for gold and silver, said Peter Hug, division head for precious metals at Kitco.

Speaking to Kitco News on Thursday, Hug said conditions are positive for gold due to the amount of fiscal support provided by banks.

“The macro picture has not changed. [Every] central bank in the world has got their foot on the pedal, and I don't think they're going to take their foot off the pedal probably until the end of 2021,” said Hug.

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