Gold's main attraction is the protection of wealth; gold retains purchasing power when currencies fail.
(1888PressRelease) July 14, 2011 - MIAMI, FL - Gold bullion, at present anyway, has no practical use; this may well change but for now, owning thousands of dollars worth of physical gold bullion simply means that you have a safe full of pretty gold bars. Take one of these to your local supermarket and try and trade it for food and you will likely be laughed out of the store. So what is the attraction? Why are investors rushing to own the yellow metal?
Short-term speculation aside, gold offers protection of wealth against the effects of inflation, stagflation or devaluation. Whatever happens to fiat currencies, gold retains its purchasing power and has done so for thousands of years.
In Greece, for example, those who can afford it are buying gold as fast as possible, while the less wealthy are taking all the gold jewelry they can find and selling it to one of the many gold traders that have mushroomed on the streets of Athens. To some extent, gold has already become a tradable 'currency' in a country that is undergoing an economic crisis. The wealthier Greeks are rushing to buy gold due to a lack of faith, both in the euro and in their own government.
In the US, the state of Utah has already passed laws allowing the use of silver and gold coins as legal tender. This does not mean that people will use gold coins to buy groceries (though legally they could) but it eliminates capital gains taxes on the sale of gold, making it even more attractive as a tradable commodity. Faith in the US dollar is fading fast as fears mount over the debt ceiling crisis; it remains highly possible that the dollar will soon lose its 'reserve currency' standing.
"Investors purchasing physical bullion are purchasing an item that has stood the test of time," says Bill Hionas, CEO of Pan American Metals of Miami (PAMM). "In times of economic uncertainty, both individual and institutional investors turn to gold to protect their wealth."
PAMM offers investors the opportunity to buy physical holdings in gold, silver, platinum and palladium.
About us:
Pan American Metals of Miami, LLC is a group of traders, investors and brokers who combine 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.
Gold's main attraction is the protection of wealth; gold retains purchasing power when currencies fail. 
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