Gold costs were higher as U.S. GDP and monthly jobless claims info showed a slowing work market and a downward revision to business expansion. Gold was $5.00 higher at 6:25 a.m. Pacific Time on the Manhattan Spot market, trading at $1,568.50 per oz. Spot silver was $0.08 higher, trading at $28.11 per ounce. ( Click right now for the most current spot prices. )
The Commerce Dep. recounted the U.S. Economy grew at an annual rate of 1.9 percent in the 1st quarter, well below the projected 2.2 p.c growth. ADP information showed private-sector payrolls rising by 133,000 from April to May on a seasonally altered basis, below the expected 150,000 increase. Weekly jobless claims also rose to the highest level in five weeks.
Sprott Asset Management's Chief Investment Strategist, John Embry, said 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 12th year." Embry continued, "I think gold is going to $10,000 at some specific point and it's going to have nothing to do with the price to dig it out of the ground, it's going to have everything to do with the undeniable fact that people 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 40 years," Embry said. "People are beginning to realise this cash will be turned into confetti and the authorities are scared witless that they are going to make the link that gold is a good idea...People aren't making the correct connection that gold is what you should be holding in this environment - which will change."
Mitsui Precious Metals researcher David Jollie expounded, "There are loads of bulls out there. They're waiting for a trigger to send the price higher, and the question is, what's that trigger?" He proposed, "it might be quantitative easing ; it may be a short period of EU Buck stability ; it may be the Greek elections."
Dennis Gartman, financier and editor of The Gartman Letter, related, "The massive 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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