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 unwaged claims information showed a slowing work 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 oz.. ( Click right here for the most current spot prices. )
The Commerce Office related the U.S. Economy grew at an annual rate of 1.9 p.c in the first quarter, far below the projected 2.2 % expansion. ADP info 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 highest level in 5 weeks.
Sprott Asset Management's Chief Investment Strategist, John Embry, asserted that at current levels, gold represents "one of the best opportunities if not the finest 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 zilch to do with the price tag to dig it out of the ground, it should have everything to do with the undeniable fact that folks simply 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 40 years," Embry said. "People are starting to realize 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 are not making the correct connection that gold is what you ought to be holding in this environment - that may 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 is that trigger?" He suggested, "it may be quantitative easing ; it could be a short period of euro stability ; it could be the Greek elections."
Dennis Gartman, financier and editor of The Gartman Letter, related, "The big 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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