The overall trend remains upward for gold, despite temporary fluctuations in the market.
(1888PressRelease) July 06, 2011 - MIAMI, FL - The US Independence Day holiday, July 4, means there has been no trading on the New York stock exchange today. However, other markets have seen activity. London saw gold picking up against a weakened dollar, which reached a 3-week low amidst speculation that the European Central Bank would raise interest rates, making the euro more attractive. There was also buying activity from bargain hunters, taking advantage of the temporary low price of the precious metal.
"Savvy investors buy when prices are low," says Bill Hionas of Pan American Metals of Miami (PAMM). "Temporary dips in price present perfect buying opportunities; precious metals bullion remains an important part of any investor's portfolio."
The overall trend for gold remains upward; gold has been climbing steadily for over a decade, reaching a record high of $1577.57 in May this year. Seasoned market analysts have predicted anything from $1600 to over $2000 for gold in 2012. No doubt there will be a flurry of activity when the NYSE re-opens July 5; however, temporary fluctuations are unimportant to medium - to long-term investors who are looking at the 'big picture'. Given the situation in Europe and the weakening US dollar, gold is still the commodity of choice for wealth protection. Meanwhile, in South Africa, the National Union of Metalworkers is launching a strike in support of its demand for a 13% pay rise, increasing uncertainty over supplies of ore.
All four of the precious metals traded by PAMM were showing slight gains Monday and PAMM was showing gold at $1496 an ounce. PAMM offers gold, silver, platinum and palladium for home delivery or for delivery to a nearby repository for safe-keeping; buyers can take advantage of fully-funded or leveraged positions.
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.