Gold prices were higher as U.S. GDP and monthly unemployed claims data showed a slowing labor market and a downward revision to economic expansion. 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 ounce. ( Click right here for the most current spot prices. )
The Commerce Dep. recounted the U.S. Economy grew at an annual rate of 1.9 % in quarter one, significantly under the projected 2.2 p.c 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 unemployed claims also rose to the highest level in 5 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 entire bull market which is now in its twelfth 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 cost to dig it out of the ground, it's going to have everything to do with the indisputable fact that folk 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 40 years," Embry announced. "People are starting to realize this cash is going to be turned into confetti and the authorities are scared to death that they're intending 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 - which will change."
Mitsui Precious Metals analyst David Jollie expounded, "There are tons of bulls out there. They are waiting for a trigger to send the price higher, and the issue is, what is that trigger?" He proposed, "it may be quantitative easing ; it could be a brief period of EU Buck equilibrium ; 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 upper 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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