Current Gold Prices, Spot Gold Prices, Price of Gold
Rob Houglum LeadLinkMedia.com Monday, June 04, 2012
Gold costs were higher as U.S. GDP and monthly jobless claims info showed a slowing work market and a downward revision to business expansion. Gold was $5.00 higher at 6:25 a.m. Pacific Time on the New York Spot market, trading at $1,568.50 per ounce. Spot silver was $0.08 higher, trading at $28.11 per oz. ( Click here for the most current spot costs. )
The Commerce Dep. recounted the U.S. Economy grew at an annual rate of 1.9 p.c in the first quarter, significantly under the projected 2.2 percent expansion. ADP info showed private-sector payrolls rising by 133,000 from April to May on a seasonally adjusted basis, below the expected 150,000 increase. Weekly jobless claims also rose to the top level in 5 weeks.
Sprott Asset Management's Chief Investment Strategist, John Embry, said that at current levels, gold represents "one of the finest opportunities if not the best in the whole bull market which is now in its twelfth year." Embry continued, "I think gold is going to $10,000 at some point and it's going to have nada to do with the price to dig it out of the ground, it should have everything to do with the undeniable fact that people just don't think their money will be worth anything."
"Gold is the mortal enemy of the fiat paper currency system that we are operating and have been operating for 40 years," Embry declared. "People are starting to realise this cash is going to be turned into confetti and the authorities are scared witless that they're intending to make the link that gold is a good idea...People aren't making the correct connection that gold is what you ought to be holding in this environment - which will change."
Mitsui Precious Metals analyst David Jollie said, "There are tons of bulls out there. They're waiting for a trigger to send the price higher, and the issue is, what's that trigger?" He proposed, "it could be quantitative easing ; it may be a short period of euro stability ; it could be the Greek elections."
Dennis Gartman, financier and editor of The Gartman Letter, said, "The big trend, the long trend, the 200-day moving average type trend is still from the lower left to the higher right in gold. ".
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