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 labor market and a downward revision to business expansion. Gold was $5.00 higher at 6:25 a.m. Pacific Time on the Manhattan Spot market, trading at $1,568.50 per oz. Spot silver was $0.08 higher, trading at $28.11 per ounce. ( Click here for the most current spot prices. )
The Commerce Dep. recounted the U.S. Economy grew at an annual rate of 1.9 % in the first quarter, well below the projected 2.2 % growth. ADP information showed private-sector payrolls rising by 133,000 from April to May on a seasonally changed basis, below the anticipated 150,000 increase. Weekly jobless claims also rose to the top level in 5 weeks.
Sprott Asset Management's Chief Investment Strategist, John Embry, recounted that at current levels, gold represents "one of the finest opportunities if not the best in the entire bull market which is now 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 cost to dig it out of the ground, it should have everything to do with the fact that folks 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 said. "People are starting to realise that this cash is going to be turned into confetti and the authorities are scared witless they are intending to make the connection 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 - that will change."
Mitsui Precious Metals analyst David Jollie expounded, "There are tons of bulls out there. They are waiting for a trigger to send the price higher, and the question is, what is that trigger?" He proposed, "it could be quantitative easing ; it may be a short period of EU Buck 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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