Gold skyrocketed to well over $1700, Monday, August 8 as the Dow dropped over 600 points in the wake of S&P's credit downgrade.
(1888PressRelease) August 10, 2011 - MIAMI, FL - Analysts had forecast that S&P's credit downgrade last Friday would not have too great an effect but Monday's trading was brutal and the Dow lost over 600 points in the single worst day of trading since December 2008. Not surprisingly, gold shot up to $1722 as investors searched desperately for new safe havens. Targets for gold for the rest of this year have been revised to $1850. Hold onto your seats; it's about to be a really bumpy ride! Gold (briefly) eclipsed platinum on Monday.
"These are certainly exciting times to be in the gold bullion market," says Bill Hionas of Pan American Metals of Miami. "Gold is flying off the shelves right now as panicked investors are searching for somewhere safe to put their money."
Can this state of affairs continue? Apparently, yes. People cannot get hold of the yellow metal fast enough. There is little to suggest that gold's amazing bull run is likely to end any time soon. It seems that many people now consider gold the best alternative to money. Tuesday, August 9 saw a calming of the rather hysterical market reaction seen on Monday, yet gold rose even higher.
Pan American Metals of Miami trades in gold bullion, offering investors both fully-funded and leveraged positions. Under the leadership of Bill Hionas, the company's team of seasoned brokers is available to offer advice to both individual and institutional investors.
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 skyrocketed to well over $1700, Monday, August 8 as the Dow dropped over 600 points in the wake of S&P's credit downgrade. 
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