Gold prices soared as dollar dropped against euro.
(1888PressRelease) October 10, 2011 - MIAMI, FL - Today, October 10, precious metals rallied strongly as the dollar began to slip. Generally, gold will move inversely to the dollar as a strong dollar makes gold expensive to buy in other currencies and vice versa. Market analysts are now predicting a return to $1700 for gold in the coming week.
The news from Europe was somewhat more optimistic following a meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel, where a limit of three weeks was set for to find an acceptable solution to the debt crisis. Both leaders asserted that they would do everything they could to solve the crisis and get Greece back on track. Additionally there was increased physical demand from China as markets reopened following a ten-day holiday. In fact, physical sales of gold in China increased by 50% over this week last year, when gold was actually more than $300 cheaper.
"The mood in the market is quietly optimistic," says Bill Hionas. "We are seeing strong physical demand for gold from China and there is still considerable safe-haven buying. The only downside, as far as gold is concerned, is that there could be profit taking, especially if commodities slide and liquidation is a priority."
Bill Hionas leads a team of seasoned investors, traders and account executives at Pan American Metals of Miami. Today, PAMOM showed strong gains on all four precious metals: gold was up $33 at $1672, silver up $0.98 at $32.18, platinum was up $27 at $1522 and palladium showed the largest gain, percentage wise, up $25 to $614. Pan American Metals of Miami is ideally situated in Miami Beach, at the financial hub of North and South America.
About Bill Hionas:
Bill Hionas is CEO of Pan American Metals of Miami, LLC, a group of traders, investors and account executives 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.
Gold prices soared as dollar dropped against euro. 
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