Pan American Metals of Miami Reports Gold Breaking Through $1600 Barrier

Top Quote Gold reached a new record July 18, breaking through the psychological barrier of $1600 while silver broke through $40. End Quote
  • (1888PressRelease) July 19, 2011 - MIAMI, FL - Gold pushed through the $1600 benchmark today, July 18, while silver broke through $40. This took gold to another record high and to levels that had earlier been anticipated only for much later in the year. The question now being asked is: 'How high can gold go?' This morning, those analysts who talked of gold reaching $1600 'by the end of the year', and of it reaching $2000 in 2012, seem to have been conservative rather than optimistic in their estimates.

    Democrats and Republicans are still apparently failing to agree on tax issues, increasing nervousness worldwide about the US debt ceiling. As the August 2 deadline draws closer there are real fears that a satisfactory agreement might not be reached. If the US were to default on its debt the economic fallout would be devastating. While most economists feel this will not be allowed to happen, the continuing failure to resolve the issue is sufficient to have investors, large and small, racing to buy gold as a hedge. Additionally, debt concerns in Europe have had investors nervous for some time now.
    So how high can gold go? Sharp rises are often followed by sharp corrections, but the overall trend nevertheless continues upward. Analysts now suggest resistance at around $1616 but talk of targeting $1800 if gold is able to break through this level (and these are relatively short-term predictions).

    Silver also benefits from safe haven buying and looks on track to regain earlier highs as it too has broken through a psychological barrier today.

    Pan American Metals of Miami (PAMM) offers buyers opportunities to purchase physical holdings in gold and silver. PAMM has a team of experienced traders and brokers that is available to advise clients on all aspects of the precious metals market.

    About us:
    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.


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

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