Papandreou agrees on a compromise while Berlusconi remains in danger.
(1888PressRelease) November 07, 2011 - MIAMI, FL - Gold rose sharply again overnight as Greek Prime Minister George Papandreou agreed on a compromise to ensure the bailout would proceed. Mr Papandreou agreed on a deal to form a coalition government, and to step down as premier, in order to allow the agreed bailout to go ahead. Uncertainty continues, however, as Italy also finds itself in a similar situation, driving up gold based on safe-haven demand.
A solid majority of market experts, surveyed Friday, anticipated that gold prices would rise again this week buoyed by both physical and safe-haven demand. As the Greek fiasco still plays out, eyes are already turned to Italy, which seems to be facing a potentially bigger crisis than Greece and it seems as if Prime Minister Berlusconi may well be the next premier to be forced to stand down.
"The situation in Europe continues to cause considerable concern as it appears disaster could be just around the corner," says Bill Hionas of Pan American Metals of Miami. "Italy's bonds are yielding over 6.4% and Prime Minister Silvio Berlusconi is barely hanging onto power. This continual uncertainty is driving investors to seek out a safe haven. Precious metals bullion provides a tangible investment that holds its value regardless of what may be happening with fiat currencies."
Pan American Metals of Miami showed all four precious metals trading noticeably higher today, November 7, as investors scurried to safety. Gold was over $1780 and silver was flirting with $35 an ounce while platinum and palladium also saw solid gains.
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.