Precious metals ended the week on a strong note, despite mid-week fluctuations.
(1888PressRelease) July 23, 2011 - MIAMI, FL - This has been an interesting week for gold and silver, with gold breaking through the psychological barrier of $1600 an ounce and silver also making strong gains. Prices have fluctuated as rumors emerged about debt settlement talks in both Europe and the US. Additionally, some long-term investors in gold took profits at the record high levels, while others bought in the subsequent dip. Nevertheless both metals have remained relatively firm in the region of $1600 for gold and $40 for silver.
European leaders have agreed upon a comprehensive aid package for Greece that will extend the maturity date on loans and reduce the interest rate. This is good news for the euro zone countries but caused some sell off in precious metals, gold in particular. However, news from the US has been less definite; rumors that an agreement was about to be reached were contradicted yesterday and there is continued uncertainty about the resolution of this crisis. In fact, House Speaker John Boehner denied Friday morning that any agreement had been reached over raising the debt ceiling. Today, July 22, was the deadline for reaching an agreement in time for it to be passed before the August 2 deadline.
"Gold and silver continue to hold strong on safe haven buying in the face of growing concerns over the US debt crisis," says Bill Hionas of Pan American Metals of Miami.
Pan American Metals of Miami was showing gains on all four precious metals Friday, July 22. Gold and silver were holding close to $1600 and $40 respectively while platinum was within reach of $1800 at $1798 and palladium was holding strong above $800 at $811.
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.
Precious metals ended the week on a strong note, despite mid-week fluctuations. 
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