Current Gold Prices, Spot Gold Prices, Price of Gold
Rob Houglum LeadLinkMedia.com Monday, June 04, 2012
Gold prices were higher as U.S. GDP and monthly unwaged claims info showed a slowing work market and a downward revision to economic expansion. Gold was $5.00 higher at 6:25 a.m. Pacific Time on the Big Apple Spot market, trading at $1,568.50 per ounce. Spot silver was $0.08 higher, trading at $28.11 per ounce. ( Click right now for the most current spot costs. )
The Commerce Dep. related the U.S. Economy grew at a once a year rate of 1.9 percent in quarter one, far below the projected 2.2 % growth. ADP info showed private-sector payrolls rising by 133,000 from April to May on a seasonally altered basis, below the predicted 150,000 increase. Weekly unemployed 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 best opportunities if not the best in the entire bull market which is already in its 12th year." Embry continued, "I think gold is going to $10,000 at some point and it's going to have zilch to do with the price to dig it out of the ground, it's going to have everything to do with the undeniable fact that people simply do not think their cash is going to 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 announced. "People are beginning to realise that this money is going to be turned into confetti and the authorities are scared to death that they are 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 expounded, "There are plenty 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 may be quantitative easing ; it could be a brief period of euro stability ; it could be the Greek elections."
Dennis Gartman, financier and editor of The Gartman Letter, announced, "The massive trend, the long trend, the 200-day moving average type trend is still from the lower left to the upper right in gold. ".
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