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 unwaged claims info 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 Manhattan Spot market, trading at $1,568.50 per ounce. Spot silver was $0.08 higher, trading at $28.11 per oz. ( Click right now for the most current spot prices. )
The Commerce Dep. related the U.S. Economy grew at a yearly rate of 1.9 p.c in the first quarter, significantly under the projected 2.2 % expansion. ADP information showed private-sector payrolls rising by 133,000 from April to May on a seasonally altered basis, below the anticipated 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 finest 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 particular point and it's going to have zilch 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 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 declared. "People are beginning to realise this money will be turned into confetti and the authorities are totally terrified that they are about to make the connection that gold is a good idea...People aren't making the right connection that gold is what you should be holding in this environment - that will change."
Mitsui Precious Metals analyst David Jollie declared, "There are tons of bulls out there. They're waiting for a trigger to send the price higher, and the question is, what is that trigger?" He suggested, "it might be quantitative easing ; it could be a short period of euro equilibrium ; it may be the Greek elections."
Dennis Gartman, investor 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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