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Gold Settles Slightly as Dollar Strengthens says Pan American Metals of Miami | |
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October 12, 2011 Trichet's remarks cause gold's rise to stall. MIAMI, FL - Gold prices settled today with a slight correction leaving the yellow metal in the $1660 range. As anticipated, yesterday's strong rally provoked some profit taking but a stronger dollar also contributed to gold's sideways move. There is still considerable concern about the crisis in the euro zone and what effect this could have on global stability, encouraging investors to think of liquidation again. Monday's meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel, with its promise of definitive action by the beginning of November, infused the market with confidence; however, it did not take long for that confidence to dwindle, fueled by remarks made by ECB's president Jean-Claude Trichet. Trichet stated that the crisis was 'systemic' and that there was a 'rapidly rising risk of significant contagion' that 'threatens financial stability in the EU', causing investors to fear for the global economy beyond Europe. All eyes will be on Europe over the next three weeks to see whether or not Merkel and Sarkozy can make good their promise of a satisfactory solution. "Gold continues to be attractive as a safe haven," says Bill Hionas, CEO of Pan American Metals of Miami. "However, some investors feel the need to liquidate and will sell off their best-performing assets at any sign of serious problems. One result of President Trichet's remarks is a loss of faith in the euro and a stronger dollar, causing a slight slide in gold prices. However, the long-term outlook remains bullish." Pan American Metals of Miami offers clients the opportunity to purchase gold bullion. Both fully-funded and leveraged positions are available. 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 Pan American Metals of Miami, LLC Email: dbailey@investpanam.com Website: http://www.panamericanmetalsofmiami.com Source: http://www.1888pressrelease.com/gold-settles-slightly-as-dollar-strengthens-says-pan-america-pr-341674.html |
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