(1888PressRelease) January 13, 2012 - MIAMI, FL - Gold continues to go from strength to strength, forcing even the most diehard pessimists to admit that this is still very much a bull market. Gold reached $1644 Wednesday, taking it back through the 200-day moving average and confirming a strong rally. Silver also made its way back above the $30 level.
"The most encouraging feature of gold's current rally is that Wednesday's increase in price occurred in spite of a stronger dollar," says Bill Hionas of Pan American Metals of Miami. "Even the dollar has not been able to put a serious cap on the gains that gold has been making."
The current rise in the price of gold is partly attributable to increased physical demand from China, the world's second largest importer of gold bullion, ahead of the Lunar New Year celebrations, which begin January 23. Recently released trading figures from China have also been optimistic and helped to restore confidence in the market. As the disposable income of China's burgeoning middle class grows, more individual investors are interested in creating a hedge against inflation. Ownership of gold ornaments and jewelry, preferred gifts on special occasions, is also highly desirable and this desire is likely to increase as China's economy continues to grow.
"Both gold and silver bullion have started 2012 on a firm upward trend," says Bill Hionas. "Gold's next key resistance level will be in the $1670 to $1700 range. Silver is also poised for an imminent break to the upside."
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.
Debbie Bailey
Executive Administrator
Pan American Metals of Miami, LLC
Email: dbailey ( @ ) investpanam dot com
Website: http://www.panamericanmetalsofmiami.com
Gold reaches $1644, despite a stronger dollar. 
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