Gold reached a new six-week high, Monday, touching $1677 as talks between Greece and her creditors ended without a satisfactory resolution.
(1888PressRelease) January 24, 2012 - MIAMI, FL - Gold broke away from its apparent partnership with the euro to rise strongly, despite Greece's ongoing debt woes. The precious metal also rose in spite of quiet trading in Asian markets as China, Singapore, Malaysia and Indonesia were all closed for the Lunar New Year holiday. As gold extended its gains, renewed investor interest became apparent.
EU governments have agreed to impose an oil embargo against Iran, freezing the assets of Iran's central bank. The embargo will be phased in, with an immediate ban on all new contracts while allowing European countries with existing contracts with Iran until July 1, 2012 to end them. There will also be a ban on all trade in diamonds, gold and other precious metals. The price of oil has risen by 1% as a result of the embargo, helping to push the price of gold and other commodities still higher.
"The price of gold is benefiting from the embargo with Iran and we are also experiencing renewed investment interest," says Bill Hionas of Pan American Metals of Miami. "Despite the Lunar New Year holiday, which means there has been limited trading in Asia, we have seen the price of gold bullion surge even higher, despite a failure to resolve the debt situation in Greece."
Investors interested in taking a position in gold bullion should contact the team at Pan American Metals of Miami for further information.
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.