Gold Settles Slightly as Dollar Strengthens says Pan American Metals of Miami

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Gold Settles Slightly as Dollar Strengthens says
Pan American Metals of Miami
(1888PressRelease) Trichet's remarks cause gold's
rise to stall. MIAMI, FL,Gold prices settled
today with a slight correction leaving the yellow
metal in the 1660 range. As anticipated,
yesterday's strong rally provoked some profit
taking but a stronger dollar also contributed to
gold's sideways move. There is still considerable
concern about the crisis in the euro zone and
what effect this could have on global stability,
encouraging investors to think of liquidation
again. Monday's meeting between French President
Nicolas Sarkozy and German Chancellor Angela
Merkel, with its promise of definitive action by
the beginning of November, infused the market
with confidence however, it did not take long
for that confidence to dwindle, fueled by remarks
made by ECB's president Jean-Claude Trichet.
Trichet stated that the crisis was 'systemic' and
that there was a 'rapidly rising risk of
significant contagion' that 'threatens financial
stability in the EU', causing investors to fear
for the global economy beyond Europe. All eyes
will be on Europe over the next three weeks to
see whether or not Merkel and Sarkozy can make
good their promise of a satisfactory solution.
"Gold continues to be attractive as a safe
haven," says Bill Hionas, CEO of Pan American
Metals of Miami. "However, some investors feel
the need to liquidate and will sell off their
best-performing assets at any sign of serious
problems. One result of President Trichet's
remarks is a loss of faith in the euro and a
stronger dollar, causing a slight slide in gold
prices. However, the long-term outlook remains
bullish."
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Pan American Metals of Miami offers clients the
opportunity to purchase gold bullion. Both
fully-funded and leveraged positions are
available. 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.panamericanmetalsof
miami.com Press Contact Debbie Bailey Pan
American Metals of Miami, LLC Email dbailey ( _at_
) investpanam dot com Website http//www.panameri
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