Gold Rises On Disappointing News From Europe And Discount Buying Says Pan American Metals Of Miami

Gold Rises On Disappointing News From Europe And Discount Buying
Says Pan American Metals Of Miami
(1888PressRelease) Renewed fears about a possible Greek default may be supportive for gold.
(1888PressRelease) MIAMI, FL - News broke over the weekend that Greece will not be
able to meet a deficit target, despite austerity measures, leaving European officials
racing to avert a Greek bankruptcy that would jeopardize the future of the euro.

Forecasts for this week already suggested that the price of gold was likely to rise but the
worse-than-anticipated news from Europe will definitely affect the market. With
markets closed for the weekend, gold was climbing this morning, October 3, settling
around the mid- $1600s. On the one hand, disappointing news from Europe and fears of
a recession should serve to push the price of gold upwards; on the other hand, a sinking
euro will result in a stronger dollar, which may limit the gains gold can make. Equities
are also falling, which is again supportive of gold; US stocks have suffered the worst
quarter since 2008 and the global economy appears to be struggling, to say the least.

"On balance I would expect the current economic environment to be positive for gold as
a safe haven, although gold bullion will be competing with the dollar for safe-haven
status," says Bill Hionas of Pan American Metals of Miami. "However, we are also
seeing a good deal of buying from bargain hunters, which is serving to push the price
back up."

Pan American Metals of Miami was showing gold noticeably higher this morning at
$1651. PAMOM is located in Miami, where it is ideally situated for investors from both
North and South America. PAMOM's team of expert investors, brokers and traders is
available to advise clients on their precious metals investments.

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.

Website: http://www.panamericanmetalsofmiami.com

Press Contact
Debbie Bailey
Executive Administrator
Pan American Metals of Miami, LLC

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Email: dbailey ( @ ) investpanam dot com
Website: http://www.panamericanmetalsofmiami.com
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