Gold prices were higher as U.S. GDP and monthly jobless claims data showed a slowing labor market and a downward revision to economic 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 ounce. ( Click right here for the most current spot costs. )
The Commerce Department said the U.S. Economy grew at a yearly rate of 1.9 % in the first quarter, significantly under the projected 2.2 p.c growth. ADP data showed private-sector payrolls rising by 133,000 from April to May on a seasonally adjusted 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 whole bull market which is now in its 12th year." Embry continued, "I think gold is going to $10,000 at some specific point and it should have nothing to do with the cost to dig it out of the ground, it's going to have everything to do with the undeniable fact that folks just don't think their cash 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 forty years," Embry announced. "People are beginning to realize this cash is going to be turned into confetti and the authorities are scared witless they are going to make the connection 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 declared, "There are plenty of bulls out there. They're waiting for a trigger to send the price higher, and the issue is, what's that trigger?" He suggested, "it might be quantitative easing ; it could be a brief period of EU Buck equilibrium ; it might 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 upper right in gold. ".
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