(1888PressRelease) Gold continued to go from strength to strength Tuesday, staying comfortably above $1650 and reaching intra-day highs of $1668.
MIAMI, FL – Tuesday saw impressive gains for all the precious metals with gold reaching $1668, silver staying above $30 and platinum and palladium gaining $37 and $20 an ounce, respectively. This is a particularly significant gain for palladium – percentage wise. Precious metals bullion benefited Tuesday from a lower dollar index and higher crude oil prices, combined with slightly more optimistic news from both Europe and China, which increased investor appetite for risk. China’s slow down in growth appears to be tempered, suggesting that it is able to maintain a ‘soft landing’. “China, along with many other nations is attempting to spur growth by injecting more money into the economy. Eventually all this monetary easing will lead to inflation,” says Bill Hionas of Pan American Metals of Miami.
“When inflation rears its ugly head we will see the price of gold and silver skyrocket, as investors globally seek a hedge against the devaluation of their currency.” The only piece of disconcerting news, as far as precious metals are concerned, was the announcement that India, the world’s largest importer of gold, will raise the import duty on both gold and silver, by 2% and 6% respectively. This does give rise to speculation as to India’s intentions in the coming year. Demand for gold and silver in India is generally extremely high, particularly at this time of year, but recent high prices have made gold, in particular, too expensive for some buyers.
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.
Executive Administrator Pan American Metals of Miami, LLC
Email: dbailey ( @ ) investpanam dot com
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