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Gold Prices Consolidated on Optimism in Europe and Improved Job Figures in the US says Pan American Metals of Miami | |
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December 05, 2011 Drop in US unemployment and optimism regarding Europe combined to have a positive effect on the financial markets. MIAMI, FL - Gold prices consolidated as investors awaited the publication today, Friday, of US job figures in the hope of gauging the state of the US economy. The job figures were marginally more encouraging than they have been of late with unemployment down from 9% to 8.6% and 120,000 new jobs added in November. Capping slightly better news from the US, sentiment in Europe remains optimistic as we await the outcome of a summit meeting on December 9. There seems to be a feeling of hope that there will finally be a concrete proposal to deal with the debt crisis. What form this proposal will take, however, is far from certain. There are rumors of the IMF stepping in - provided countries agree on a fiscal pact. But the IMF would not have sufficient funds to bail out all the nations that would come begging. German Chancellor Angela Merkel is adamant in refusing to consider euro zone bonds while French President Nicolas Sarkozy has hinted that France and Germany intend to propose a revamping of the EU that would allow for tighter controls, designed to prevent countries getting themselves into serious debt in the future, while preserving the euro. What shape these proposals will take remains to be seen. "Headlines during the latter half of this week have produced a 'risk-on' attitude in the financial markets and precious metals have benefited from this - as have other commodities," says Bill Hionas of Pan American Metals of Miami. "Gold is holding firm around $1750 and palladium has made huge gains, taking it to $652." 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-prices-consolidated-on-optimism-in-europe-and-improved-pr-355865.html |
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