Gold costs were higher as U.S. GDP and monthly unemployed claims data showed a slowing work market and a downward revision to industrial expansion. 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 ounce. ( Click right now for the most current spot costs. )
The Commerce Dep. said the U.S. Economy grew at a once a year rate of 1.9 p.c in the first quarter, well below the projected 2.2 p.c growth. ADP data showed private-sector payrolls rising by 133,000 from April to May on a seasonally altered basis, below the predicted 150,000 increase. Weekly jobless 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 finest 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'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 people do not think their money 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 beginning to realize this money is going to be turned into confetti and the authorities are scared to death that they're about to make the connection that gold is a good idea...People aren't making the correct connection that gold is what you ought to be holding in this environment - that may change."
Mitsui Precious Metals researcher David Jollie said, "There are plenty of bulls out there. They are waiting for a trigger to send the price higher, and the question is, what's that trigger?" He suggested, "it might be quantitative easing ; it could be a brief period of EU Buck stableness ; it might be the Greek elections."
Dennis Gartman, financier and editor of The Gartman Letter, said, "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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