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 data showed a slowing labor market and a downward revision to industrial expansion. Gold was $5.00 higher at 6:25 a.m. Pacific Time on the Manhattan Spot market, trading at $1,568.50 per ounce. Spot silver was $0.08 higher, trading at $28.11 per oz. ( Click right here for the most current spot costs. )
The Commerce Department recounted the U.S. Economy grew at a yearly rate of 1.9 % in the 1st quarter, far below the projected 2.2 percent growth. 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 jobless claims also rose to the highest level in five weeks.
Sprott Asset Management's Chief Investment Strategist, John Embry, recounted that at current levels, gold represents "one of the best opportunities if not the finest in the whole bull market which is now in its 12th year." Embry continued, "I think gold is going to $10,000 at some particular point and it's going to have zilch to do with the price tag to dig it out of the ground, it's going to have everything to do with the indisputable fact that folk simply do not think their money 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 forty years," Embry declared. "People are starting to realise that this cash is going to be turned into confetti and the authorities are scared to death that they are about 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 - that may change."
Mitsui Precious Metals researcher David Jollie expounded, "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 suggested, "it could be quantitative easing ; it could be a brief period of EU Buck stableness ; it might be the Greek elections."
Dennis Gartman, financier and editor of The Gartman Letter, related, "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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