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Pan American Metals of Miami says Tumultuous Week in Europe Means a Strong End for Gold | |
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November 15, 2011 Following a week of tumultuous happenings in Europe, gold ended strongly, closing the week at $1788 an ounce. MIAMI, FL - In India, the price of gold bullion reached record highs, fueled by strong seasonal demand as that country's wedding season caused demand to surge. A strong majority of market analysts predict that prices will continue to rise next week also. Italian Prime Minister Silvio Berlusconi is set to resign today, leaving Italy with an emergency government. Meanwhile, Greek Prime Minister George Papandreou has already been replaced by Lucas Papademos. By any standards, the recent happenings in Europe have been unsettling. Attention switched from Greece to Italy as Italian bonds reached 7%, the tipping point at which a bailout could become necessary. Yet, unlike Greece, Ireland and Portugal, Italy is considered too big to fail; Italy's economy is the third largest in the European Union. No matter what the eventual outcome, faith in the euro must take a huge hit. If the euro slides, the dollar will rise, which may not be supportive for gold in the short term. However, continuing concerns about the stability of the euro will drive investors to seek a safe haven, which should allow gold to gain in the medium to long term. "Gold will generally rise in price in times of economic uncertainty," says Bill Hionas of Pan American Metals of Miami. "There may be some sell off as some investors choose to liquidate or to look to their successful gold investment to cover losses elsewhere in their portfolios. However, gold has proven its value for decades now as a safe haven and a hedge against inflation." Pan American Metals of Miami is located in Miami Beach, at the financial hub of North and South America. 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-tumultuous-week-in-europe-pr-350084.html |
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