Title: Pan American Metals of Miami says Gold's Safe-Haven Status Remains Secure
1Pan American Metals of Miami says Gold's
Safe-Haven Status Remains Secure
(1888PressRelease)Central banks taking advantage
of corrections to buy more gold. MIAMI,
FL,Gold's correction in September attracted
large-scale buying by the central banks of some
emerging economies. Bolivia, Kazakhstan,
Tajikistan and Thailand all added substantial
amounts to their gold reserves during the recent
dip. This reversal of the more traditional trend,
suggests that central banks are sharing the
growing distrust for paper currency. It is also
likely that any future reduction in price will
produce a flurry of buying, pushing the price
back up again. Additionally, the European
'solution' is far from an effective long-term
plan. Greece's debt levels will continue to be
unsustainable and Italy is also coming under
observation with a debt level that is equal to
120 of its GDP. If concerns continue, then we
can anticipate an increased demand for gold as a
safe haven. "Macroeconomic factors are strongly
underpinning gold on safe-haven demand," says
Bill Hionas of Pan American Metals of Miami. "Any
future corrections will simply be seen as buying
opportunities with investors rushing in to get
bargain prices." Gold was also supported last
week by strong physical demand from India at the
beginning of the Diwali festival. Interestingly,
India reports greater demand for gold coins than
for jewelry this year, suggesting a greater
interest in the investment value of the
traditional gifts. Almost 35 kilograms of gold
was sold in just one day in India last Monday.
Mumbai saw lines more than five hundred meters
long outside many jewelry stores. India is the
world's largest buyer of gold bullion.
2News broke this morning that the Bank of Japan
had sold off the yen, pushing its value down some
4 to protect Japan's exports this resulted in a
rising dollar and a slight fall in the price of
gold. Interestingly, although gold did slide, it
really didn't slide that far. With the yen taken
out of the equation, the dollar remains the only
serious alternative to gold as a safe
haven. 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 ( _at_ ) investpanam dot
com Website http//www.panamericanmetalsofmiami.c
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