“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.
Hug spoke to Kitco News on Wednesday.”
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