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Pan American Metals of Miami says Gold and Silver have Consolidated Gains Based on Weaker Dollar | |
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December 02, 2011 Gold and silver remain steady. MIAMI, FL - Gold and silver prices consolidated their gains on the back of a weaker dollar with silver continuing to show a further rise and gold showing a slight pullback, following some profit taking. Wednesday's coordinated action by central banks seemed to assuage some of the euro zone's more immediate problems, with Spain and France both finding buyers for their bonds, albeit the price of Spanish bonds reached an average of 5.2%. Nevertheless, the fact that there was no shortage of buyers is still a positive sign. It remains to be seen whether the move by the central banks will suffice to strengthen the euro in the long term. Italy is supposedly hoping for assistance from the International Monetary Fund but it is unlikely that the IMF could afford to bail out Italy, even assuming it wanted to. While Wednesday's action has made it cheaper for European nations to borrow dollars, it does not represent a wonder cure for the region's financial woes. "We are seeing the strong gains made by precious metals being consolidated, for the most part," says Bill Hionas, CEO of Pan American Metals of Miami. "The slight loss that gold has made can be attributed to profit taking, following a sizeable gain in price. A weaker US dollar is invariably bullish for the precious metals market." However, all eyes will remain focused on the European situation for some time to come, with the upcoming summit on December 9 being the next major event in this apparently never-ending crisis. 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/pan-american-metals-of-miami-says-gold-and-silver-have-conso-pr-355233.html |
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