Hungary and Portugal both suffer credit downgrades.
(1888PressRelease) November 25, 2011 - MIAMI, FL - Europe was hit with more downgrades yesterday as Standard & Poor downgraded both Hungary and Portugal's credit ratings to 'junk' level. Both Germany, yes Germany, and Italy suffered disastrous bond auctions in the last two days also. There were few buyers; Germany found itself with 35% of its bonds unsold and Italy had to accept yields that were almost twice as high as before.
In the US, during a short trading day Friday, the gold price first dropped, then recovered. Stocks rose, taking gold along for the ride, as traders saw less need to liquidate their positions, despite the depressing news coming out of Europe. Meanwhile, a majority of market analysts surveyed Friday still predicted that gold prices would rise in the coming week. This positive outlook from market experts appears to be based on the feeling that current prices will enable investors to see long-term value in gold and that we will therefore see increased demand.
"Certainly, current prices are relatively low and therefore represent a bargain for investors," says Bill Hionas. "Gold has lots of room to rise and the current economic uncertainty is likely to lead to increased investment demand. The fundamentals continue to support gold in the long term."
Bill Hionas runs Pan American Metals of Miami, a precious metals brokerage operating in Miami, Florida, and dealing in gold, silver, platinum and palladium. PAMOM has a team of experts available to assist buyers wishing to take a position in precious metals bullion.
About Bill Hionas:
Bill Hionas is CEO of Pan American Metals of Miami, LLC, 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.
Hungary and Portugal both suffer credit downgrades. 
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