Gold prices were higher as U.S. GDP and monthly unwaged claims data showed a slowing labor market and a downward revision to industrial expansion. Gold was $5.00 higher at 6:25 a.m. Pacific Time on the Big Apple Spot market, trading at $1,568.50 per oz. Spot silver was $0.08 higher, trading at $28.11 per oz.. ( Click here for the most current spot costs. )
The Commerce Dep. related the U.S. Economy grew at a yearly rate of 1.9 percent in the first quarter, well below the projected 2.2 % expansion. ADP information 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 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 twelfth year." Embry continued, "I think gold is going to $10,000 at some particular point and it should have zilch 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 folk do not 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 announced. "People are beginning to realise that this cash will be turned into confetti and the authorities are scared witless they are about 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 - that will change."
Mitsui Precious Metals analyst David Jollie declared, "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 brief period of Euro Buck equilibrium ; 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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