Interesting Week Ahead for Precious Metals says Pan American Metals of Miami
(1888PressRelease) It looks as if the coming week will be another interesting one for the precious metals market. (1888PressRelease) MIAMI, FL,Gold had an impressive week last week, despite a minor correction due to some profit taking on Friday; it slid a little again this morning, October 31, following action by the Bank of Japan to sell off the yen, which, in turn led to a huge boost for the US dollar and a corresponding fall in price for gold. However, the interesting thing is not that gold fell, this was to be expected with a rising dollar, but that gold did not fall that much and is still comfortably above the $1700 mark despite surrendering some safehaven demand to the dollar. "The Bank of Japan's actions are understandable," says Bill Hionas of Pan American Metals of Miami. "They really cannot afford to lose out on exports while they are still recovering from the disasters in March. The resulting rise in the US dollar obviously causes a reaction in the gold market; however, prices remain firmly over $1700 and physical demand for gold remains strong." Amazingly, last week saw not only India but also China install gold dispensing ATMs, the first time any such thing has been tried. Buyers can insert credit cards or cash and get gold bars, coins or even, in India, jewelry or diamonds, making it easy to pick up Diwali gifts while shopping or waiting for a flight. These two nations represent a massive share of the gold buying market; the installations of gold 'vending machines' is a clear indication of the importance owning gold has for the burgeoning middle classes of these emerging economies. The market is likely to continue to see strong physical demand for [gold and silver from these nations. About us: 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. Website: http://www.panamericanmetalsofmiami.com Press Contact Debbie Bailey Executive Administrator Pan American Metals of Miami, LLC Email: dbailey ( @ ) investpanam dot com Website: http://www.panamericanmetalsofmiami.com Trackback URL: http://www.1888pressrelease.com/interestingweekaheadforpreciousmetalssayspanamericanpr346669.html ###
Published on Oct 31, 2011
(1888PressRelease) It looks as if the coming week will be another interesting one for the precious metals market.