Gold Holds on to Recent Gains Despite Stronger Dollar says Pan American Metals of Miami

Top Quote Euro slides against the dollar but gold maintains earlier gains. End Quote
  • (1888PressRelease) January 23, 2012 - MIAMI, FL - Gold prices remained strong going into the weekend, despite a struggling euro as talks continued between Greece and its debtors. Prices rose Friday on technical buying, despite a stronger dollar as the euro slipped on concerns over Greek debt.

    The euro lost ground Friday as debt-swap talks continued for a third day between Greek officials and the country's creditors. Greece faces a bond payment on March 20 of 14.5 billion euros. In October of last year, Greece's creditors agreed to take a 50% 'haircut'; the ultimate goal was to reduce the nation's borrowing by 2020. In effect, this agreement means that Greece has already defaulted on its loans, at least by 50%. Successful bond auctions in Spain, Italy and France fueled renewed optimism regarding the European crisis but underlying problems are never far from the surface. The euro has also suffered from some profit taking, following its earlier rally.

    "It is interesting that gold has remained strong despite a slightly weaker euro and stronger dollar," says Bill Hionas of Pan American Metals of Miami. "Gold has been moving in tandem with the euro but now we are seeing more confidence in precious metals."

    Precious metals bullion offers investors an asset that has intrinsic value and is not subject to being debased as fiat currencies can be. Gold bullion, due to its high weight to value ratio is easily portable and can be readily traded anywhere in the world.

    About us:

    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.


    Press Contact

    Debbie Bailey
    Executive Administrator
    Pan American Metals of Miami, LLC
    Email: dbailey ( @ ) investpanam dot com

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