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Gold Continues to Rally on Safe-Haven Demand says Pan American Metals of Miami | |
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October 17, 2011 Macroeconomic factors are supportive of increased prices for gold. MIAMI, FL - Gold prices continued to rise again today and are slated to be even higher next week. Apart from the ongoing crisis in the euro zone, economic news from the US this week was the worst since September 2010. According to the Weekly Leading Index growth indicator of the Economic Cycle Research Institute (ECRI), the US posted the weakest growth figures in 57 weeks, with a reading of minus 9.6%; this in itself should be enough to set investors clamoring in search of a safe haven. The ECRI claims that, while it is too early to establish a definite trend, the US appears to be heading for a new recession. Traders in gold bullion are predicting a bullish trend in view of slowing growth, Europe's debt issues and a bear market in equities. Almost 90% of market analysts anticipate a rise in price for gold next week, seeing macroeconomic factors driving demand. The US dollar already slipped against major currencies today in light of gains in the euro as rumors abound about the efforts to solve the sovereign debt crisis. Gold tends to move inversely against the dollar, giving further credence to predictions of even higher prices. "Macroeconomic factors are all favoring gold as a safe haven," says Bill Hionas of Pan American Metals of Miami. "All the signs suggest that gold prices will continue to rise in the coming week." Pan American Metals of Miami, located in Miami Beach, was showing gold bullion up $16 at $1682. The white metals, especially palladium, were also all showing healthy gains. About us: Pan American Metals of Miami, LLC is a group of traders, investors and account executives that combines many years of experience to help clients invest in bullion. PAMM provides an individual investment service and is based in Miami, Florida for convenient access to both North and South American investors. Website: http://www.panamericanmetalsofmiami.com Press Contact Debbie Bailey Executive Administrator Pan American Metals of Miami, LLC Email: dbailey@investpanam.com Website: http://www.panamericanmetalsofmiami.com Source: http://www.1888pressrelease.com/gold-continues-to-rally-on-safe-haven-demand-says-pan-americ-pr-342845.html |
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