Peter Hug is on Kitco News to talk gold as markets wait for the release of the FOMC minutes on Wednesday. Fed Chairman Bernanke spoke on Tuesday and reaffirmed the Fed would keep its benchmark interest rate at or near zero for a "considerable time." "I think the fed wants to taper... [but] I'm still in the camp that tapering won't even begin to be on the agenda until the spring of next year," Hug says. "And it won't be an $85 billion bond pullback immediately...this could take another year before the $85 billion in bond purchases is completely off the table." Looking at the metals markets, Hug says the technicals are "terrible" and the overall feel remains heavy. "The catalyst for gold, the next major leg...should be an inflationary leg," he says. "...Assuming there are no major geopolitical or financial risks in the immediate horizon, I think it might actually be negative for the metals. I think we're in a deflationary environment." With regards to government data, Hug says he doesn't trust a lot of the numbers that are released but says he'll be keeping a close eye on Christmas sales numbers. Watch now to get his key levels for gold & silver and see how Hug would position his cash. Kitco News, November 20, 2013.