All eyes are on European situation in the coming week.
(1888PressRelease) October 17, 2011 - MIAMI, FL - As predicted gold prices rose slightly today, October 17, trading within reach of $1700 at one point, though the price rise was tempered by a stronger dollar. European leaders have little time left to come up with an acceptable plan to recapitalize banks and bail out Greece. The €109 billion originally slated for Greece is now seen to be insufficient and those holding Greek debt will have to accept losses.
The European situation will likely be at the forefront of investors' minds during the coming week; optimism will lead to a stronger euro and a weaker dollar and therefore be bullish for gold. On the other hand, fear that a suitable resolution will not be found in time will cause the euro to drop and the dollar to rise, which will not be beneficial for gold. A statement issued by a spokesperson for German Chancellor Angela Merkel suggested that a resolution of the crisis could take a long while and that hopes for a 'quick fix' were not realistic.
Additionally, Diwali is next week, bringing with it increased physical demand for gold from India. A high inflation rate in India is also causing citizens to purchase gold bullion for wealth protection.
"The European situation is likely to dominate the market for the coming week," says Bill Hionas of Pan American Metals of Miami. "We are hearing a lot of statements, promising definitive action, but no details as yet."
Pan American Metals of Miami trades in precious metals bullion: gold, silver, platinum and palladium. PAMOM is located in Miami Beach, at the financial hub of North and South America.
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.
Website: http://www.panamericanmetalsofmiami.com
Press Contact:
Debbie Bailey
Executive Administrator
Pan American Metals of Miami, LLC
Email: dbailey ( @ ) investpanam dot com
Website: http://www.panamericanmetalsofmiami.com
All eyes are on European situation in the coming week. 
Satisfied Users & 
Approved Press Releases
Print
Email
Report Spam