(1888PressRelease) $1600 for gold a realistic prediction in light of continuing debt worries in the US.
MIAMI, FL - $1600 an ounce for gold seemed a little optimistic only a few weeks ago but trading July 14 showed it to be within reach as gold reached a high of $1594.90. Silver also rose sharply, to $38.95, bringing it within reach of $40. Silver was buoyed, like gold, by safe haven buying as debt woes in the US continue.
The possibility of default by the US is still a huge concern. It seems unlikely that this would be allowed to happen but talks are - apparently - not going well and Ben Bernanke, Chairman of the Federal Reserve, reiterated today that he would consider further quantitative easing if the recovery continued to be slow. This uncertainty is simply serving to drive investors to gold and silver as a safe haven and the likelihood of gold breaking through $1600 and silver reaching $40 now seems quite strong.
Gold has certainly been on a winning streak for many years now and it does not appear that it is a bubble about to burst. Any new high will always attract some selling from profit-takers but those investors more interested in the long term should find gold values continuing to rise.
The platinum group metals are also seeing strong gains at present; these metals do not generally have the same safe-haven appeal as gold and silver, depending more on industrial demand, but news from Johannesburg of threatened strikes by the National Union of Mineworkers puts production of two-thirds of the world's platinum supplies in jeopardy. Platinum is currently trading close to its highest level for three years.
"Investors who include precious metals bullion in their portfolios are seeing excellent returns at the moment," says Bill Hionas of Pan American Metals of Miami (PAMM). "We are seeing notable gains for all metals."
PAMM offers buyers the opportunity to buy physical bullion, either leveraged or fully-funded. Its team of seasoned traders and brokers is available to offer advice tailored to the unique needs of each investor.
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.
Pan American Metals of Miami, LLC
Email: dbailey ( @ ) investpanam dot com