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 unemployed claims info showed a slowing labor market and a downward revision to business growth. Gold was $5.00 higher at 6:25 a.m. Pacific Time on the Big Apple Spot market, trading at $1,568.50 per oz.. Spot silver was $0.08 higher, trading at $28.11 per ounce. ( Click right here for the most current spot costs. )
The Commerce Office recounted the U.S. Economy grew at an annual rate of 1.9 p.c in the 1st quarter, significantly under the projected 2.2 p.c expansion. ADP info showed private-sector payrolls rising by 133,000 from April to May on a seasonally changed basis, below the expected 150,000 increase. Weekly unemployed claims also rose to the highest 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 finest in the whole bull market which is in its twelfth year." Embry continued, "I think gold is going to $10,000 at some particular 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 simply do not 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 announced. "People are beginning to realise that this money will be turned into confetti and the authorities are scared to death they are going to make the connection that gold is a good idea...People are not making the correct connection that gold is what you should be holding in this environment - which will change."
Mitsui Precious Metals researcher David Jollie expounded, "There are loads of bulls out there. They're waiting for a trigger to send the price higher, and the question is, what's that trigger?" He proposed, "it could be quantitative easing ; it might be a short period of Euro Buck equilibrium ; it may be the Greek elections."
Dennis Gartman, investor and editor of The Gartman Letter, said, "The gigantic 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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