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 information showed a slowing labor market and a downward revision to industrial growth. Gold was $5.00 higher at 6:25 a.m. Pacific Time on the Big Apple Spot market, trading at $1,568.50 per oz. Spot silver was $0.08 higher, trading at $28.11 per ounce. ( Click right now for the most current spot costs. )
The Commerce Department recounted the U.S. Economy grew at an annual rate of 1.9 p.c in the first quarter, well below the projected 2.2 percent expansion. ADP information showed private-sector payrolls rising by 133,000 from April to May on a seasonally changed basis, below the predicted 150,000 increase. Weekly jobless 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 best opportunities if not the best in the whole bull market which is already in its 12th 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 cost to dig it out of the ground, it's going to 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 said. "People are beginning to realise this cash is going to be turned into confetti and the authorities are scared to death 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 ought to be holding in this environment - that may change."
Mitsui Precious Metals researcher David Jollie declared, "There are plenty 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 could be quantitative easing ; it could be a brief period of EU Buck equilibrium ; it could be the Greek elections."
Dennis Gartman, financier 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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