Gold costs were higher as U.S. GDP and monthly jobless claims info showed a slowing labor 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 costs. )
The Commerce Dep. recounted the U.S. Economy grew at an annual rate of 1.9 percent in the first quarter, well below the projected 2.2 % growth. ADP information showed private-sector payrolls rising by 133,000 from April to May on a seasonally changed basis, below the anticipated 150,000 increase. Weekly unwaged claims also rose to the top level in 5 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 finest 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 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 simply do not think their cash 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 said. "People are starting to realize that this money will be turned into confetti and the authorities are totally terrified that they're intending to make the link that gold is a good idea...People aren't making the proper connection that gold is what you should be holding in this environment - which will change."
Mitsui Precious Metals analyst David Jollie expounded, "There are plenty of bulls out there. They are waiting for a trigger to send the price higher, and the question is, what is that trigger?" He suggested, "it might be quantitative easing ; it could be a brief period of EU Buck stableness ; it could be the Greek elections."
Dennis Gartman, investor and editor of The Gartman Letter, announced, "The big 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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