Gold costs 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 oz. Spot silver was $0.08 higher, trading at $28.11 per oz.. ( Click right now for the most current spot costs. )
The Commerce Department recounted the U.S. Economy grew at a yearly rate of 1.9 % in quarter one, well below the projected 2.2 percent expansion. ADP data showed private-sector payrolls rising by 133,000 from April to May on a seasonally altered basis, below the expected 150,000 increase. Weekly unemployed claims also rose to the top level in five weeks.
Sprott Asset Management's Chief Investment Strategist, John Embry, recounted that at current levels, gold represents "one of the best opportunities if not the best in the entire bull market which is already in its 12 th year." Embry continued, "I think gold is going to $10,000 at some particular point and it's going to have zilch to do with the price to dig it out of the ground, it should have everything to do with the undeniable fact that people simply do not think their cash 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 realize that this cash is going to be turned into confetti and the authorities are totally terrified that they are going to make the link that gold is a good idea...People are not 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's that trigger?" He proposed, "it could be quantitative easing ; it could be a short period of EU Buck equilibrium ; it could 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. ". 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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