Gold prices backed off a 7-week high as Greece bailout began to look uncertain.
(1888PressRelease) February 01, 2012 - MIAMI, FL - Gold prices eased off a little, Monday, following news of Greece's refusal to accept outside controls on future budgetary decisions. While most people seem to have anticipated an agreement, Greece apparently feels that allowing other euro zone nations, particularly the more powerful ones such as Germany, threatens its sovereignty. This reaction is understandable and certainly the austerity measures necessary for Greece to receive its next round of bailout funds will be a hard sell to the beleaguered Greek public; without the bailout, however, Greece could be in default, a situation that would have global ramifications.
The doubts engendered by Greece's actions have definitely put pressure on the price of gold; however, gold is still up almost $200 from its low point in December 2011. The euro suffered and the dollar strengthened as less than positive news emerged from Athens.
"Renewed concerns over Greece's sovereign debt issues have put some pressure on the euro, resulting in a stronger dollar," says Bill Hionas of Pan American Metals of Miami. "However, gold is holding relatively firm, trading in a narrow range. Dips in price at this time are likely to be pounced on as buying opportunities."
Pan American Metals of Miami is a South Florida precious metals company trading in gold bullion, plus silver, platinum and palladium. Both leveraged and fully funded positions are available and clients can choose to take physical possession of their bullion or to have it stored in a nearby repository for safe keeping.
About us:
Pan American Metals of Miami, LLC is a group of 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 prices backed off a 7-week high as Greece bailout began to look uncertain. 
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