Gold prices were higher as U.S. GDP and monthly unwaged claims information 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 New York Spot market, trading at $1,568.50 per ounce. Spot silver was $0.08 higher, trading at $28.11 per oz. ( Click right here for the most current spot prices. )
The Commerce Department related the U.S. Economy grew at a yearly rate of 1.9 percent in the first quarter, significantly under the projected 2.2 p.c expansion. 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 unwaged 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 finest opportunities if not the finest in the whole bull market which is already in its 12 th year." Embry continued, "I think gold is going to $10,000 at some specific point and it should have zilch to do with the price to dig it out of the ground, it's going to have everything to do with the undeniable fact that folk just don't think their money 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 beginning to realize that this cash 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 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 loads 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 may be quantitative easing ; it could be a short period of euro stability ; it could be the Greek elections."
Dennis Gartman, investor and editor of The Gartman Letter, related, "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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