The gold price is being driven by macroeconomic concerns.
(1888PressRelease) September 02, 2011 - MIAMI, FL - As we reach the end of August, and arguably the end of summer, gold bullion continues its bumpy ride; up, down, up again, but does seems a tad more settled in the low $1800s. It is fair to assume that the gold price is being largely driven by demand for a safe haven and this demand fluctuates according to whatever the latest news, or rumor, is on the global economic and political scene.
However, we should bear in mind that gold has risen around 12% this month alone, compared with 30% over the year to date and it seems our expectations have risen also. Investors looking for a safe haven are, by definition, looking to avoid risk, and risk is everywhere at present. Those who feel the global economy is failing see gold as money in everything but name and are looking to gold for wealth protection in an uncertain future. Not just individuals but the central banks of many nations are accumulating gold bullion. China is aiming to increase its gold bullion holdings following a recommendation from People's Bank of China adviser Xia Bin; meanwhile Colombia increased its gold reserves substantially in July and Russia has also increased its bullion holdings.
"The price of gold is definitely being driven by investors looking for a safe haven," says Bill Hionas of Pan American Metals of Miami. "Wealthy individuals and governments alike see the accumulation of gold bullion as an appropriate strategic response to the macroeconomic factors currently affecting the markets."
Pan American Metals of Miami showed gains in all four precious metals today, August 31.
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.
The gold price is being driven by macroeconomic concerns. 
Satisfied Users & 
Approved Press Releases
Print
Email
Report Spam