Disappointing data from US and ongoing concerns in Europe serve to push gold even higher.
(1888PressRelease) August 19, 2011 - MIAMI, FL - Gold seems poised to rise even higher amid disappointing reports on the US economy and serious concerns over debt issues in Europe.
The Dow dropped almost 4% Thursday, August 18, following a disappointing manufacturing report, sending investors racing back to safe haven investments and pushing gold over $1800. Additionally, the failure to find a satisfactory resolution of the debt crisis in Europe has sent further shudders through Wall Street. High demand for gold from India and China is also helping to push the price of the yellow metal even higher. Gold has broken record after record in the past few weeks and, given the number of factors supporting it, should continue to do so for the foreseeable future.
Silver is also holding firm above $40, sharing to some extent in gold's role as a safe haven. Silver provides a more accessible entry point into precious metals investment and seems to be basking in some of gold's reflected glory.
"Both gold and silver are trending upwards in light of continuing economic concerns," says Bill Hionas, CEO of Pan American Metals of Miami. "The desire for a safe haven strengthens daily as the economic situation worsens globally. News from both the US and Europe continues to be fairly dismal and equities are proving unacceptably volatile for many investors."
Gold bullion is the preferred choice for most investors; it is reassuring to know that one actually owns the physical metal, rather than a piece of paper. People are nervous and rapidly losing faith in traditional currencies; ownership of a tangible precious metal gives much needed reassurance.
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.
Disappointing data from US and ongoing concerns in Europe serve to push gold even higher. 
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