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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 work market and a downward revision to business growth. 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 here for the most current spot costs. )
The Commerce Department related the U.S. Economy grew at a once a year rate of 1.9 % in the first quarter, far below the projected 2.2 percent expansion. ADP data showed private-sector payrolls rising by 133,000 from April to May on a seasonally changed basis, below the expected 150,000 increase. Weekly unwaged claims also rose to the highest level in five weeks.
Sprott Asset Management's Chief Investment Strategist, John Embry, recounted that at current levels, gold represents "one of the finest opportunities if not the best in the whole bull market which is in its 12th year." Embry continued, "I think gold is going to $10,000 at some point and it should have zilch 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 folk do not 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 announced. "People are beginning to realize this money will be turned into confetti and the authorities are totally terrified they are intending to make the connection 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 will change."
Mitsui Precious Metals analyst David Jollie declared, "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 suggested, "it might be quantitative easing ; it may be a short period of Euro Buck equilibrium ; it may be the Greek elections."
Dennis Gartman, financier and editor of The Gartman Letter, said, "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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