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 jobless 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 here for the most current spot prices. )
The Commerce Office said the U.S. Economy grew at a yearly rate of 1.9 % in the 1st quarter, significantly under the projected 2.2 percent expansion. ADP data 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 top level in 5 weeks.
Sprott Asset Management's Chief Investment Strategist, John Embry, said that at current levels, gold represents "one of the best opportunities if not the best in the whole bull market which is now in its 12 th year." Embry continued, "I think gold is going to $10,000 at some specific point and it's going to have nada to do with the price tag to dig it out of the ground, it's going to have everything to do with the undeniable fact that people do not think their money will 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 announced. "People are beginning to realise this cash is going to be turned into confetti and the authorities are scared witless they are going to make the link that gold is a good idea...People aren't making the right 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 issue is, what's that trigger?" He suggested, "it might be quantitative easing ; it might be a short period of euro stableness ; it may be the Greek elections."
Dennis Gartman, investor and editor of The Gartman Letter, announced, "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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