(1888PressRelease) Super Mario’ may not find it easy.
MIAMI, FL – President Giorgio Napolitano asked Mario Monti to form an emergency government yesterday to steer Italy out of her current financial crisis. Monti, a former vice-president of the European Central Bank and ex- EU Commissioner, may not have an easy task. Italy secured a loan for 3 billion euros but the cost of borrowing rose again today as national euphoria over the resignation of Silvio Berlusconi was overshadowed by international nervousness.
No doubt Mario Monti has a tough job ahead of him as he finds a way to reduce Italy’s crippling debt and stimulate growth. He will also need to pass stringent austerity measures that are hardly likely to be popular with the Italian people. The result, as far as the financial markets are concerned, has been a rush to the dollar, with an accompanying slide in the price of gold. Gold did not slide far, however. Although there were gains overnight that took gold to within a couple of dollars of $1800, this morning saw a retreat to $1780.
“The consensus is that, while the dollar may remain attractive in the short term, gold will be the preferred safe haven in the medium to long term,” says Bill Hionas of Pan American Metals of Miami. “It is painfully clear that Europe’s debt woes are not going to disappear any time soon and this will be supportive of gold.”
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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.
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- Berlusconi’s Resignation Greeted with Cheering says Pan American Metals of Miami
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- Pan American Metals of Miami says Gold and Silver Provide a Safe Haven as EU Debt Crisis Spreads to Italy
- Pan American Metals of Miami says Gold Slated to Return to $1700
- Pan American Metals of Miami says Gold will benefit from Re-emerging Concerns about the US Economy
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