When US markets reopened July 5, gold and silver were both trending upward.
MIAMI, FL, JULY 5, 2011, As US markets reopened after the long weekend.
(1888PressRelease) July 06, 2011 - MIAMI, FL - As US markets reopened after the long weekend, gold and silver were trending upward, partly due to heavy buying by bargain hunters in the wake of the pre-holiday drop. Continuing concerns about the Greek crisis were helping to retain safe haven buying also, driving gold comfortably over the $1500 benchmark; weaknesses in the yen and euro also helped drive up the price. Despite the passing of the austerity bill, Greece's problems are far from over and other EU countries are also experiencing difficulties.
The second half of the year tends to be a strong time for precious metals and many market analysts are very confident about the market over the next few months, with suggestions of gold trading as high as $1800 by the end of 2011.
"We are delighted with the performance of the precious metals market in recent months and can see no reason why the current trend should not continue," says Bill Hionas of Pan American Metals of Miami (PAMM). "There are many factors affecting the markets and most of them support gains in precious metals bullion."
While gold prices have been making the headlines, the other metals are also offering good returns for investors. In mining news, Lonmin, the world's third-largest platinum miner, is spending $400 million a year to increase its platinum output, suggesting considerable demand for the rare metal. Meanwhile, South African gold miners are still threatening to strike, having rejected the latest wage offer.
PAMM was showing healthy gains in all four of the precious metals today, July 5, with gold up $19 at $1515, silver up $1.48 at $35.65, platinum up $21 at $1744 and palladium up $14 at $775.
Pan American Metals of Miami, LLC is a group of traders, investors and brokers who combine 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.