Gold continues to waver between $1750 and $1800 as the market continues to show extreme nervousness about the European situation.
(1888PressRelease) November 16, 2011 - MIAMI, FL - Breaking news is that Greek Prime Minister Lucas Papademos has won a vote of confidence; nevertheless, he is faced with a daunting task, pushing through tough, and strongly resented, austerity measures in little more than three months.
In Italy, Mario Monti faces similar challenges, and concerns rose as Italy's bonds once more yielded more than 7%, a number that is considered to be the tipping point to put a country into the position of needing a bailout. German Chancellor Angela Merkel referred to the current crisis as Europe's "biggest challenge since WW II", a statement hardly designed to inspire confidence.
Faced with the fear that Europe is on the brink of a recession and that the crisis could spread globally, we should expect to see gold prices closer to $2000 than $1800. Yet the US dollar continues to be the apparent safe haven of choice. Considering that the Federal Reserve has definitely not ruled out further quantitative easing, this seems a tad strange. Gold bullion has consistently outperformed almost every other asset and portfolios that include gold and other precious metals have reliably performed better than those that do not. For decades, gold has provided a hedge in times of economic turmoil, so it remains something of a puzzle as to why gold is not being bought more eagerly at the current time.
"Many market experts predict that gold will rise significantly in the medium to long term," says Bill Hionas, CEO of Pan American Metals of Miami. "As concerns over Europe deepen, gold will recover its favored safe-haven status."
Investors interested in taking a position in precious metals bullion should contact the team at Pan American Metals of Miami for further information.
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.
Gold continues to waver between $1750 and $1800 as the market continues to show extreme nervousness about the European situation. 
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