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 unemployed claims information showed a slowing labor 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 oz.. Spot silver was $0.08 higher, trading at $28.11 per oz.. ( Click right here for the most current spot prices. )
The Commerce Dep. recounted the U.S. Economy grew at a once a year rate of 1.9 % in quarter one, significantly under 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 predicted 150,000 increase. Weekly unemployed claims also rose to the highest level in 5 weeks.
Sprott Asset Management's Chief Investment Strategist, John Embry, asserted that at current levels, gold represents "one of the finest opportunities if not the finest in the entire bull market which is in its 12th year." Embry continued, "I think gold is going to $10,000 at some specific point and it's going to have nothing to do with the price tag to dig it out of the ground, it should have everything to do with the undeniable fact that people do not think their cash 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 beginning to realise that this money will be turned into confetti and the authorities are scared witless that they are intending to make the connection that gold is a good idea...People aren't making the proper connection that gold is what you ought to be holding in this environment - which will change."
Mitsui Precious Metals analyst David Jollie declared, "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 EU Buck stableness ; it might be the Greek elections."
Dennis Gartman, investor and editor of The Gartman Letter, related, "The massive 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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