Apparent reluctance to compromise on solution to the debt crisis in Washington, coupled with ongoing issues in Europe, is supportive of precious metals.
(1888PressRelease) July 27, 2011 - MIAMI, FL - All economic factors are strongly supportive of gold with uncertainty continuing in both Europe and the US.
While everyone still assumes that an agreement will be reached in Washington by August 2, the two parties seem determined to make this as difficult as possible. President Obama and Republican leader John Boehner both addressed the nation July 25 to argue their respective cases and appeal for support for their - separate - solutions. The President basically asked for compromise but there was little indication - at this stage - that the Republicans were prepared to give very much as Boehner talked about overspending in Washington and presidents, past and present, asking for 'a blank check'. One cannot imagine that either party would be stupid enough to allow America to default on its debt but this posturing on national television does little to encourage confidence.
In Europe, doubt is being cast over the ability of the Spanish and Italian governments to fund themselves following the EU's aid package for Greece at a cost of 159 billion euros. Both Spain and Italy have seen fluctuations with government issued bonds. Additionally, Portugal and Ireland are also experiencing serious sovereign debt issues. The uncertainty in the euro zone is not going away any time soon.
"We anticipate that continued economic uncertainty internationally will produce further safe haven buying of gold and other precious metals," says Bill Hionas of Pan American Metals of Miami.
Pan American Metals of Miami showed prices July 26 that were positive for all four metals. Gold held comfortably above the $1600 mark at $1616, silver stayed just above $40 at $40.70, platinum had broken through $1800 and was priced today at $1812 and palladium was comfortably over $800 at $842. Prices for all metals showed strong gains today.
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.
Apparent reluctance to compromise on solution to the debt crisis in Washington, coupled with ongoing issues in Europe, is supportive of precious metals. 
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