(1888PressRelease) October 26, 2011 - MIAMI, FL - Gold certainly regained much of its luster today as concern over the European situation quickly restored its safe-haven status. Despite the fact that economic uncertainty is usually less advantageous to the white metals, which rely heavily on the strength of the industrial sector, all four precious metals increased significantly in value today.
While investors should expect some continued volatility, nevertheless the trend seems firmly set upwards. There will be corrections, no doubt, as some investors and fund managers choose to take profits, but gold has touched on $1700 today, October 25, a major psychological barrier for those who were nervous and perhaps waiting on the sidelines before jumping back into the market.
"Today's movement in the market serves to justify our faith in gold bullion as the preferred safe haven for the protection of wealth," says Bill Hionas. "The fact that gold has soared upward, despite a relatively strong dollar, is indicative of investors' faith in gold's proven value as a hedge against economic uncertainty."
The disquieting news from Europe has been accompanied by a slump in US stocks and disappointing figures from UPS. The major courier / shipping service tends to act as a barometer for the US economy and UPS lost 2.6%, indicating a decrease in international shipping and in US economic growth. Combined with the European news, this is strongly supportive of gold as a safe haven.
Bill Hionas runs Pan American Metals of Miami, a precious metals brokerage located in Miami Beach, where it is at the financial hub of North and South America.
About Bill Hionas:
Bill Hionas is CEO of Pan American Metals of Miami, LLC, 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.