Gold costs were higher as U.S. GDP and monthly unemployed claims information 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 New York 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 prices. )
The Commerce Department recounted the U.S. Economy grew at an annual rate of 1.9 % in quarter one, well below the projected 2.2 percent growth. ADP info showed private-sector payrolls rising by 133,000 from April to May on a seasonally changed basis, below the predicted 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 best opportunities if not the finest in the whole bull market which is now in its 12 th year." Embry continued, "I think gold is going to $10,000 at some particular point and it should have zilch to do with the price tag to dig it out of the ground, it's going to have everything to do with the undeniable fact that folks 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 declared. "People are starting to realise this money will be turned into confetti and the authorities are scared witless they are about to make the connection 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 analyst David Jollie declared, "There are loads of bulls out there. They're 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 might be a short period of euro stability ; it may 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 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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