Gold moves to $1715 on renewed hope for Europe, bargain buying and increased physical demand.
(1888PressRelease) November 28, 2011 - MIAMI, FL - Gold is still acting more like a risky asset than a safe haven, rebounding strongly today on the hope of a possible solution that would at least ameliorate the crisis in Europe. Traditionally, we would expect gold to do the opposite and thrive on economic crisis. One has to wonder how long this uncharacteristic behavior will continue.
Other factors driving up the gold price today are a weaker dollar, resulting from hopeful news from Europe supporting the euro, and the hope that the Christmas shopping season, off to an optimistic start with Black Friday sales, will result in increased jewelry demand. Additionally, there has, of course, been some buying on the part of bargain hunters while the price of gold was below $1700.
"Gold is trading solidly higher today, for a number of reasons," says Bill Hionas of Pan American Metals of Miami. "Encouraging sales figures for the long weekend, renewed hope of increased European unity and buying by bargain hunters have combined to push gold back above $1700."
Other precious metals have benefited, along with gold, as silver gained over a dollar and platinum and palladium both gained $11. All the white metals are also used in the jewelry industry, so they too should benefit from a better-than-average holiday shopping season. It has yet to be seen whether the strong sales over the Thanksgiving weekend will be maintained over the coming weeks but retailers are definitely enjoying a promising start to the holiday season.
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 moves to $1715 on renewed hope for Europe, bargain buying and increased physical demand. 
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