Weaker dollar helps push gold back through the $1700 barrier.
(1888PressRelease) November 22, 2011 - MIAMI, FL - Tuesday morning, November 22, saw gold prices edging back over $1700 due to a weaker dollar and increased safe-haven demand. With the Thanksgiving holiday causing a short trading week in the US, some investors may be taking a 'wait and see' approach as they prepare to enjoy the long weekend. Friday is a half-day for trading on the New York exchange making it a three-day week to all intents and purposes.
All four precious metals showed gains today with gold breaking back through $1700 and palladium back through $600 an ounce. Silver and platinum also gained.
"I think we are finally seeing signs that gold is reclaiming its safe-haven status," says Bill Hionas of Pan American Metals of Miami. "The failure of the super committee to agree on a viable solution to the budget deficit problem is finally causing people to lose faith in the dollar."
Figures for US growth during the third quarter of the year were also disappointing, leading to further doubts about the US economy. The failure of the super committee to reach agreement means that many current tax programs could expire shortly, leaving households worse off. Consumer spending accounts for around 70% of the US economy.
"The fundamentals underpinning precious metals bullion have not changed," says Bill Hionas. "Macroeconomic factors are strongly supportive of gold, in particular. The current debt issues are causing people to choose the intrinsic value of precious metals over fiat currencies."
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.
Website: http://www.panamericanmetalsofmiami.com
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Debbie Bailey
Executive Administrator
Pan American Metals of Miami, LLC
Email: dbailey ( @ ) investpanam dot com
Website: http://www.panamericanmetalsofmiami.com
Weaker dollar helps push gold back through the $1700 barrier. 
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