(1888PressRelease) August 07, 2011 - MIAMI, FL - This has been an interesting week for the gold market - interesting and not at all what most people might have anticipated. The eleventh hour debt deal from Washington should have caused a drop in gold prices as fears of a possible default were allayed. Yet gold just kept going up. Then Switzerland and Japan took action to decrease the value of their respective currencies and the US dollar soared as a result. Another signal for gold to dip; yet gold kept going up. Granted there were some dips, some selling off as traders scrambled to make good losses from elsewhere but nothing to suggest a serious downturn. The consensus seems to be that the bull run still has a way to go.
Central banks are also continuing to amass gold, despite the historically high prices. Together with speculator interest, the record levels of net buying from the central banks are simply adding support for gold to reach further highs. In fact $1700 an ounce is still looking to be a reasonable target in the near future.
"Even though prices are high, it seems people are still anxious to acquire gold," says Bill Hionas of Pan American Metals of Miami. "This suggests almost a necessity to take a position in gold for a safe haven."
Pan American Metals of Miami trades in precious metals bullion: gold, silver, platinum and palladium. Clients can choose to take physical delivery of their bullion or have it transferred to a repository for safe keeping. Both fully-funded and leveraged positions are available.
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 continues bullish in spite of expectations. 
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