Gold will rise in the long term but may see some further volatility in the short term, according to many market analysts.
(1888PressRelease) November 24, 2011 - While gold is struggling to maintain $1700 an ounce, it is actually gaining in price in euros, proving that it is the stronger dollar that is leading to gold being apparently capped at $1700. Germany's disastrous bonds auction demonstrated a widespread lack of faith in the future of the euro. Germany is Europe's largest and healthiest economy, so it is clearly the common currency that is causing investors to be concerned.
Gold did rise slightly overnight as there was some buying by bargain hunters. However, there is still a rush to liquidate among many investors and gold is being sold, along with other assets to raise cash or compensate for losses elsewhere.
"Gold's ideal role is as a safe haven to provide insurance against uncertainty," says Bill Hionas of Pan American Metals of Miami. "However, it is currently acting as any other asset and is subject to selling pressure as nervousness in the market increases."
Today was a quieter trading day due to the Thanksgiving holiday in the US. Gold remained just shy of the $1700 barrier at $1696. With the New York exchange closed for the holiday, all eyes were focused on a crisis meeting between the leaders of Germany, France and Italy, Europe's largest economies. Europe's failure to show any decisive action to end the crisis is causing stock markets to slide.
About us:
Pan American Metals of Miami, LLC is a group of traders, investors and account executives that combines 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.
Debbie Bailey
Executive Administrator
Pan American Metals of Miami, LLC
Email: dbailey ( @ ) investpanam dot com
Website: http://www.panamericanmetalsofmiami.com
Gold will rise in the long term but may see some further volatility in the short term, according to many market analysts. 
Satisfied Users & 
Approved Press Releases
Print
Email
Report Spam