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Gold prices were higher as U.S. GDP and monthly unemployed claims info showed a slowing work market and a downward revision to business 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 ounce. Spot silver was $0.08 higher, trading at $28.11 per ounce. ( Click here for the most current spot prices. )
The Commerce Dep. recounted the U.S. Economy grew at a yearly rate of 1.9 percent in the 1st quarter, significantly under the projected 2.2 p.c expansion. ADP info showed private-sector payrolls rising by 133,000 from April to May on a seasonally altered basis, below the anticipated 150,000 increase. Weekly unwaged 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 best in the whole bull market which is now in its 12th year." Embry continued, "I think gold is going to $10,000 at some point and it's going to have nothing 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 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 starting to realise that this money is going to be turned into confetti and the authorities are totally terrified that they are intending 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 may change."
Mitsui Precious Metals analyst David Jollie declared, "There are tons of bulls out there. They are waiting for a trigger to send the price higher, and the issue is, what's that trigger?" He proposed, "it might be quantitative easing ; it might be a short period of Euro Buck equilibrium ; it might 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. ". Tags: Current Gold Prices, Spot Gold Prices, Price of Gold, Live Gold Price, GoldPrices, Gold Quote, Gold Price, Gold Prices, Current Gold Quotes
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