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 info showed a slowing labor market and a downward revision to industrial 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 Office related the U.S. Economy grew at a yearly rate of 1.9 p.c in the first quarter, far 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 jobless claims also rose to the top level in five 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 whole bull market which is already in its twelfth 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 to dig it out of the ground, it should have everything to do with the undeniable fact that folks just don't think their money 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 forty years," Embry declared. "People are beginning to realize this cash is going to be turned into confetti and the authorities are scared witless that they are about to make the link that gold is a good idea...People aren't making the proper connection that gold is what you should be holding in this environment - that will change."
Mitsui Precious Metals analyst David Jollie said, "There are plenty of bulls out there. They're waiting for a trigger to send the price higher, and the issue is, what's that trigger?" He proposed, "it could be quantitative easing ; it could be a brief period of Euro Buck stability ; it could be the Greek elections."
Dennis Gartman, financier and editor of The Gartman Letter, announced, "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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