(1888PressRelease) Gold prices bounced back today, touching $1700.
MIAMI, FL – Gold prices soared upwards again today, based – apparently – on safe-haven demand. Interestingly, we commented only yesterday that we were not seeing safe-haven demand, despite doubts and uncertainty concerning the global economy, and that this was out of character for gold. It seems that gold may well have rediscovered its safe-haven status. It will be interesting to see if gold can maintain this new price, reaching, as it is, towards $1700 again. A break through the $1700 barrier would do a great deal to restore investor confidence in the precious metal.
There is uncertainty concerning the proposed summit meeting of European leaders slated for Wednesday, and this alone has been enough to provoke a rush to safety, exactly what we would normally expect to see given the ongoing concerns about the European situation and the possibility of the EU woes spreading globally.
“Gold has provided investors with a safe haven through every economic crisis of the past thirty years, consistently outperforming other assets,” says Bill Hionas of Pan American Metals of Miami. “It has proven its worth as a safe haven time and time again.”
The US dollar is also attracting safe-haven demand, particularly as the euro looks less attractive. However, gold’s impressive rally comes despite the strong dollar, which also bucks the trend we were seeing previously.
All precious metals showed serious gains today with gold up as much as $50, silver gaining $1.62 and platinum and palladium gaining $23 and $11 respectively.
Pan American Metals of Miami, LLC is a group of traders, investors and account executives that combines 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.
Pan American Metals of Miami, LLC
Email: dbailey ( @ ) investpanam dot com
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