Current events in Europe should offer support for gold as a safe haven investment.
(1888PressRelease) July 01, 2011 - MIAMI, FL - Current news from Europe gives a worrying glimpse of what could well happen on a wider scale in the not too distant future if inflation increases and currency is devalued.
In Greece, people have been withdrawing savings for some time now, just to make ends meet, and are now selling gold to cover living expenses or, in the case of the wealthier citizens, moving money out of the country into other currencies or into precious metals, mainly gold. Greece's national debt approximates to around $30,000 per person. Meanwhile, in England, there have been massive protests in London, less violent than the riots in Athens admittedly, concerning the government's attack on public sector pensions.
Could these scenarios happen elsewhere? Absolutely! At the very least the situations mentioned above must continue to reduce faith in the euro but it does not require too great a stretch of the imagination to envisage a similar situation in the US, especially given the rapidly escalating national debt, and the propensity of the Federal reserve to keep printing more money.
The situation in Athens, where shops trading in gold - jewelry, family heirlooms, even teeth - are springing up all over the city, suggests that, to some extent, gold is already acting as a 'currency' in the beleaguered country. Add massive bank withdrawals and wealthy individuals buying gold to the mix and it is not difficult to predict the future for the gold market.
"Gold is the safe haven investment that people turn to in times of economic uncertainty," says Bill Hionas of Pan American Metals of Miami (PAMM). "As such, we anticipate a continued upward trend in gold prices."
Gold is currently holding steady above the $1500 mark, but there are many political and economic factors affecting the market that offer strong support to precious metals.
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.
Current events in Europe should offer support for gold as a safe haven investment. 
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