A disappointing US jobs report, issued Friday July 8, added considerable support to gold, based on safe haven buying.
(1888PressRelease) July 11, 2011 - MIAMI, FL - Gold rose again today on safe haven buying, following a disappointing US jobs report that showed the unemployment rate rising to 9.2%. Allen Sykora, of Kitco News, reported Friday that 'a high level of uncertainty' regarding global growth, sovereign debt and inflation was boosting gold as an 'insurance' investment. Ongoing concern over the US debt ceiling, as politicians continue to argue and the issue remains unresolved, is also supportive of a bullish trend for gold. Many investors are looking to buy gold as their faith in paper currency diminishes. Sykora also reported TD Securities as predicting new highs for silver, at over $40, during the second half of the year, based not only on insurance buying but also on industrial demand.
Other analysts also see a continued upward trend for precious metals with gold likely breaking through $1550 within the next quarter. Pan American Metals of Miami (PAMM) showed gold at $1545 Friday, up $14 and silver at $36.70, up 26 cents.
Bill Hionas, CEO of PAMM, sees no reason to expect an end to the bull market for gold and silver any time soon.
"Safe haven buying is considerable at the moment," said Hionas. "There are so many different economic and political factors that are combining to support a bull market for precious metals. The price of gold is ultimately driven by supply and demand but investors also turn to gold in times of fear and uncertainty."
PAMM offers investors the opportunity to own physical bullion; as precious metal, bullion holdings have intrinsic value, providing a level of security that makes them a very attractive addition to any portfolio.
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.
A disappointing US jobs report, issued Friday July 8, added considerable support to gold, based on safe haven buying. 
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