Gold and silver made a strong recovery following the resolution of the Greek austerity vote, June 29.
(1888PressRelease) June 30, 2011 - MIAMI, FL - Gold and silver made a sharp recovery, June 29, following the passing of the austerity vote in Greece. The successful vote caused extensive rioting in Athens and this, together with an easing of the US dollar, resulted in a rise for precious metals due to safe haven buying.
Despite the vote, the European monetary crisis seems set to continue for some time, with faith in the euro remaining low. According to Tim Harvey, senior vice-president of ETF Securities, the result of the Greek vote should have only a minor effect of gold prices; however, he does see gold continuing to trend upward in the long term. The bailout does give Greece a reprieve, but the country's difficulties are far from over, not helped by the fact that one of its main sources of income is tourism, and, obviously, no tourists are going into Athens at the present time.
Gold, however, cannot be devalued or undermined by one nation's economic policies. It retains its attraction as a hedge against inflation, stagnation and currency devaluation while also possessing credibility as a status symbol. There is also considerable demand for gold from both India and China.
Silver also has an attraction to investors for very similar reasons, in addition to its industrial uses, and both metals are trending upward at present.
"We are seeing a recovery in both gold and silver," says Bill Hionas of Pan American Metals of Miami (PAMM). "All four precious metals are trending upward at present."
June 29 showed significant gains in all four precious metals traded by PAMM with gold up $10, silver up over a dollar, platinum up $33 and palladium up $13.
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 and silver made a strong recovery following the resolution of the Greek austerity vote, June 29. 
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