Pan American Metals of Miami says Gold Holds Firm as Euro Bounces Back

Top Quote Gold holds firm as euro recovers. End Quote
  • (1888PressRelease) January 17, 2012 - MIAMI, FL - Gold continues to hold firm following last week's dramatic rise, staying above $1640, as the euro began to bounce back from a 17-month low, following S&P's downgrading of nine of the 17 euro zone countries, and oil prices also rose. Due to a holiday in the US Monday, trading has been more limited than normal. Further movement for gold could depend on the outcome of talks between Greece and its creditors. Talks ended without agreement Friday, suggesting an increased likelihood of default for the troubled nation.

    "Gold's rally, since late December, has been substantial and it seems to be consolidating the gains, despite worrying headlines coming out of Europe," says Bill Hionas of Pan American Metals of Miami. "We are seeing some safe-haven demand in addition to seasonal demand from Asia, which is normal as we approach the Lunar New Year."

    Demand for gold jewelry from India is also set to rise this year by as much as 10-15% as the price of gold has dipped and the rupee has recently increased in value. Vietnam has also agreed to import over 2 tons of gold for jewelry production. The price of gold has remained above $1630 for a few days, suggesting it has found technical support at that level.

    "Many investors are beginning to see gold as a better bet than the dollar for a safe haven," says Bill Hionas. "The intrinsic value of precious metals bullion makes it unique in terms of financial investments. The recent strong rebound that has been made by gold and silver demonstrates this."

    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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