Gold settles around the low $1600s but is still being pulled in two directions at once.
(1888PressRelease) September 28, 2011 - MIAMI, FL - Gold seems to have settled, at least for a while, holding firm in the low $1600s. Investors are likely erring on the side of caution as they await the outcome of Thursday's meeting between European Union officials, the International Monetary Fund and the European Central Bank to decide whether Greece will receive the next installment of her 'bail out'.
At the same time, it is likely that the escalating debt crisis in Europe will drive more buyers toward gold and other precious metals as a safe haven. Silver also looks poised to rebound.
As we approach the end of the third quarter of the year, brokers will be torn between showing profits and therefore selling gold, one of the best-performing assets, or buying gold, as a safe haven and one of the best-performing assets. It's a dichotomy that will likely pull gold in both directions.
"Most traders and investors will be exercising caution at the moment as they adjust their portfolios toward the end of the third quarter," says Bill Hionas, CEO of Pan American Metals of Miami. "We should begin to see a rebound in the precious metals market very soon."
Long-term predictions remain very positive for gold but signs are that some volatility will continue in the short-term. The US dollar slipped as the euro picked up based on the possible outcome of the meeting in Europe, a move that is also likely to be supportive for gold.
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.
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
Gold settles around the low $1600s but is still being pulled in two directions at once. 
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