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Precious Metals Prices to Rise Further: Trader

Thursday, 11 Nov 2010 | 1:52 PM ET

Gold prices gave up early gains Thursday to dip below $1,400 an ounce, as the euro extended losses against the dollaramid worrying debt problems in the euro zone. Frank McGhee, precious metals trader at Integrated Brokerage Services, shared his outlook on the precious metal.

Finding Golden Opportunities
Insight on the gold market, with CNBC's Rick Santelli, Jim Iuorio, TJM Institutional Services, and Frank McGhee, Integrated Brokerage Services.

“A number of people have been looking for a major pullback, but I just don’t think the gold market is going to give it to you at this point,” McGhee told CNBC.

“We went from quantitative easing to reconcentrating on the situation in Europe, and as it starts to look like Ireland’s going to need a bailout, it’s going to do nothing but propel gold up higher.”

Meanwhile, silver prices continued rising. The commodity hit a 30-year high earlier this week.

“You have silver a bit overbought and a lot of the pressure was taken off of the volatility and the correction over the past few days,” explained McGhee. “But I think we’ve got higher prices across the board coming up.”

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Scorecard—What He Said:

  • McGhee's Previous Appearance on CNBC (Mar. 4, 2008)

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More Market Intelligence:

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CNBC Slideshows:

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CNBC Data Pages:

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Top Gold Miners:

Barrick Gold

AngloGold Ashanti

Newmont Mining

Goldcorp

Kinross Gold

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Disclosures:

No immediate information was available for McGhee or his firm.

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Disclaimer

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