Papandreou strikes a deal with coalition government.
(1888PressRelease) November 04, 2011 - MIAMI, FL - All eyes will be focused on Athens today as the drama with Greek Prime Minister George Papandreou plays out. However, it does look as if the referendum is not too likely to happen after all, which probably spells relief for the precious metals market. Apparently, Mr Papandreou has struck a deal, agreeing to stand down in favor of a coalition government if ministers help him win a confidence vote. Reportedly, following a meeting with Angela Merkel and Nicolas Sarkozy in Cannes, Mr Papandreou admitted that calling for the referendum had been a mistake. No doubt all will be revealed later Friday.
Meanwhile, the ECB announced a 25 point cut in its base interest rate, which further supported gold's recovery. Gold bullion is now holding firm around $1760 with many analysts predicting $1800 an ounce within the next month. A worsening situation in Europe could go either way as far as the price of gold is concerned; on the one hand, it could drive investors to find a safe haven; on the other hand, speculators and traders might find themselves selling off gold to cover losses elsewhere. It remains to be seen which way the dice will fall but, in the long term, the ongoing fiasco in Europe will likely drive safe-haven investment buying as people lose faith in fiat currencies.
"Investors and traders are rapidly losing patience with the European debacle," says Bill Hionas of Pan American Metals of Miami. "
Gold futures rose to a six-week high yesterday, following news of the ECB rate cut.
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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
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Pan American Metals of Miami, LLC
Email: dbailey ( @ ) investpanam dot com
Website: http://www.panamericanmetalsofmiami.com
Papandreou strikes a deal with coalition government. 
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