Pan American Metals of Miami says Gold Reaches High of $1752 on Coordinated Bank Action

Top Quote Coordinated central bank action pushes gold above $1750. End Quote
  • (1888PressRelease) November 30, 2011 - MIAMI, FL - Gold soared to an intra-day high of $1752 before falling back to $1745, based on the unexpected coordinated action of five major central banks and the Federal Reserve. Faced with the possibility of Italy facing insolvency - as hoped for solutions proved insufficient - major world banks took action. The Banks of England, Canada, Switzerland and Japan joined with the ECB and the Federal Reserve to reduce borrowing rates by 0.5%, effectively making it cheaper for banks to lend money and increasing liquidity.

    Arguably this move could be considered a form of quantitative easing since it increases the availability of cash and eases liquidity strains. It also increases the possibility of inflation, which would drive investors away from cash and towards the safe haven offered by gold and silver. The US dollar took a sharp tumble following the news and equities rose, along with precious metals.

    "This move is like an early Christmas present for the financial markets," says Bill Hionas of Pan American Metals of Miami. "We have seen a sharp rise in the price of precious metals this morning with gold shooting up to $1752 before settling at $1745."

    Other precious metals followed gold's lead: silver was up 53 cents at $32.63, platinum was up $17 at $1555 and palladium was up $23 at $608. Pan American Metals of Miami offers clients opportunities to buy all four precious metals; both fully funded and leveraged positions are available.

    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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