Little movement in price as investors focus on European crisis.
(1888PressRelease) December 09, 2011 - MIAMI, FL - Gold continues to consolidate recent gains but is not moving much higher - apparently not before the weekend anyway. All investors still have their focus set firmly on Europe. US Treasury Secretary Timothy Geithner is offering his support to the combined efforts of France and Germany to pass a proposal for tighter controls on euro zone nations that would prevent future debt crises and hopefully provide a feasible solution to the present one.
Geithner suggested that the IMF could be instrumental in helping the European debt crisis and that the US would support the fund's "constructive" efforts. Whether the American taxpayer would agree with Geithner's offer is another issue, especially when the US faces its own major debt crisis.
"It does not seem likely that there will be any kind of strong movement in gold before the weekend," says Bill Hionas of Pan American Metals of Miami. "Markets will be waiting on the results of the two-day summit that starts on Friday."
If German Chancellor Merkel and French President Sarkozy are successful in getting their proposals accepted then the market should be more open to risk. Given gold's current behavior, this would likely be bullish for gold prices since the euro would rise, along with stocks, and the US dollar would therefore be weaker. Gold would travel with the euro, as it has been doing of late, and inversely to the dollar. Meanwhile, gold seems to be holding its own around the $1730 level.
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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.
Debbie Bailey
Executive Administrator
Pan American Metals of Miami, LLC
Email: dbailey ( @ ) investpanam dot com
Website: http://www.panamericanmetalsofmiami.com
Little movement in price as investors focus on European crisis. 
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