Gold rebounds towards $1700 as debt issues worsen on both sides of the Atlantic.
(1888PressRelease) November 22, 2011 - MIAMI, FL - The super committee admitted defeat yesterday, leaving the US with no reasonable solution to its budget deficit problem. Meanwhile, debt contagion in Europe spread from Greece and Italy to Spain and even France.
The market remains nervous as debt issues worsen on both sides of the Atlantic; while the consensus is that gold will, in the long term, regain safe haven status, fears of possible consequences in Europe and the US are causing some selling off and profit taking. With the price of gold dipping well below $1700, however, there was some buying from bargain hunters, resulting in a rebound.
The failure of the super committee to reach an agreement means that the US will be subject to automatic cuts in military and domestic programs. Republicans have remained adamant on their refusal to accept higher taxes for the wealthy. Meanwhile, in Europe, Spain is the third country in as many weeks to get a new government and even France is drawing the attention of credit-rating agencies.
"For decades now, gold has proven itself as the ultimate safe haven, outperforming almost every other asset and holding its value in times of economic crisis," says Bill Hionas of Pan American Metals of Miami. "It is only a matter of time before investors turn back to precious metals for wealth protection."
Pan American Metals of Miami offers investors opportunities to purchase precious metals bullion: gold, silver, platinum and palladium. Both leveraged and fully funded 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.
Website: http://www.panamericanmetalsofmiami.com
Press Contact
Debbie Bailey
Executive Administrator
Pan American Metals of Miami, LLC
Email: dbailey ( @ ) investpanam dot com
Website: http://www.panamericanmetalsofmiami.com
Gold rebounds towards $1700 as debt issues worsen on both sides of the Atlantic. 
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