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 info showed a slowing work market and a downward revision to industrial 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 here for the most current spot prices. )
The Commerce Office recounted the U.S. Economy grew at a once a year rate of 1.9 p.c in the first quarter, far below the projected 2.2 p.c growth. ADP info showed private-sector payrolls rising by 133,000 from April to May on a seasonally changed basis, below the predicted 150,000 increase. Weekly unwaged claims also rose to the highest 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 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 people do not 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 forty years," Embry declared. "People are beginning to realize that this money will be turned into confetti and the authorities are scared witless that they're about to make the link that gold is a good idea...People are not making the correct connection that gold is what you should be holding in this environment - that may change."
Mitsui Precious Metals researcher David Jollie expounded, "There are tons 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 short period of euro stableness ; it may be the Greek elections."
Dennis Gartman, investor and editor of The Gartman Letter, said, "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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