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 data showed a slowing labor market and a downward revision to business expansion. Gold was $5.00 higher at 6:25 a.m. Pacific Time on the Big Apple 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 costs. )
The Commerce Office recounted the U.S. Economy grew at a once a year rate of 1.9 percent in the first quarter, significantly under the projected 2.2 p.c expansion. ADP data showed private-sector payrolls rising by 133,000 from April to May on a seasonally altered basis, below the predicted 150,000 increase. Weekly unwaged claims also rose to the top level in five 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 entire bull market which is already in its 12th year." Embry continued, "I think gold is going to $10,000 at some particular point and it should have nothing to do with the price tag to dig it out of the ground, it should have everything to do with the indisputable 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 40 years," Embry declared. "People are starting to realise this money is going to be turned into confetti and the authorities are scared to death they are going to make the link that gold is a good idea...People aren't making the correct connection that gold is what you ought to be holding in this environment - that may change."
Mitsui Precious Metals researcher David Jollie said, "There are plenty 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 could be quantitative easing ; it could be a brief period of euro equilibrium ; it could be the Greek elections."
Dennis Gartman, financier and editor of The Gartman Letter, related, "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. ".
Tags: Current Gold Prices, Spot Gold Prices, Price of Gold, Live Gold Price, GoldPrices, Gold Quote, Gold Price, Gold Prices, Current Gold Quotes