Gold costs were higher as U.S. GDP and monthly unemployed claims info showed a slowing work market and a downward revision to industrial growth. Gold was $5.00 higher at 6:25 a.m. Pacific Time on the Big Apple Spot market, trading at $1,568.50 per ounce. Spot silver was $0.08 higher, trading at $28.11 per oz.. ( Click here for the most current spot costs. )
The Commerce Dep. recounted 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 adjusted 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 now in its 12th year." Embry continued, "I think gold is going to $10,000 at some specific point and it's going to 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 fact that people 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 40 years," Embry said. "People are beginning to realise that this money will be turned into confetti and the authorities are scared witless they are going to make the connection that gold is a good idea...People are not making the correct connection that gold is what you ought to 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 issue is, what's that trigger?" He suggested, "it could be quantitative easing ; it could be a short period of euro stableness ; it may be the Greek elections."
Dennis Gartman, investor 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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