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 work market and a downward revision to economic growth. 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 oz.. ( Click right now for the most current spot costs. )
The Commerce Office said the U.S. Economy grew at a once a year rate of 1.9 p.c in quarter one, far below the projected 2.2 % growth. ADP data showed private-sector payrolls rising by 133,000 from April to May on a seasonally adjusted basis, below the anticipated 150,000 increase. Weekly unemployed claims also rose to the top level in five 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 in its 12 th year." Embry continued, "I think gold is going to $10,000 at some specific point and it should have nada to do with the cost to dig it out of the ground, it's going to have everything to do with the undeniable fact that people just don't 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 declared. "People are starting to realise this money is going to be turned into confetti and the authorities are scared witless 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 should be holding in this environment - that may change."
Mitsui Precious Metals researcher David Jollie declared, "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 suggested, "it may be quantitative easing ; it could be a brief period of EU Buck stableness ; it may be the Greek elections."
Dennis Gartman, investor 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 higher right in gold. ".
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