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 data 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 New York Spot market, trading at $1,568.50 per oz. Spot silver was $0.08 higher, trading at $28.11 per ounce. ( Click right now for the most current spot costs. )
The Commerce Office recounted the U.S. Economy grew at a yearly rate of 1.9 % in quarter one, well below the projected 2.2 p.c growth. ADP information showed private-sector payrolls rising by 133,000 from April to May on a seasonally adjusted basis, below the anticipated 150,000 increase. Weekly unwaged 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 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 point and it should have nothing to do with the price to dig it out of the ground, it's going to have everything to do with the undeniable fact that folks just don't 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 said. "People are starting to realise that this money is going to be turned into confetti and the authorities are scared to death that they are intending to make the connection that gold is a good idea...People are not making the correct connection that gold is what you ought to be holding in this environment - which will change."
Mitsui Precious Metals analyst David Jollie expounded, "There are tons 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 may be a brief period of Euro 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. ".
Tags: Current Gold Prices, Spot Gold Prices, Price of Gold, Live Gold Price, GoldPrices, Gold Quote, Gold Price, Gold Prices, Current Gold Quotes