Precious Metals Showing Strong Gains as Stocks Soar says Pan American Metals of Miami |
| October 08, 2011 | October 2011 Bond Updates |
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Gold rises along with stocks. (1888PressRelease) MIAMI, FL - All the precious metals showed substantial gains again today as the stock market soared. Not surprisingly, the biggest gains were in the white metals with platinum and palladium gaining $33 and $29 respectively. For palladium, particularly, this is a noticeable rise in percentage terms. Increased confidence in the economy will obviously be reflected in increased demand for the platinum group metals, which are used in the manufacture of catalytic converters. Silver, which benefits from both safe-haven and industrial demand was up $1.43, almost 5%. Normally, an increase in stocks would cause gold to move in the opposite direction, yet gold is also moving upwards, albeit more slowly than the white metals. The likeliest explanation is that there is no longer any need for investors to sell their gold bullion holdings to raise cash. The ongoing concerns in Europe, with the Bank of England now declaring that it will leave interest rates unchanged as the country struggles to fight off a recession, mean that gold will continue to be highly attractive to investors as a safe haven. "The Bank of England announcement came as something of a surprise but it simply adds further support for gold as a safe haven," says Bill Hionas of Pan American Metals of Miami. "The white metals are all showing substantial gains today as the stock market has soared, restoring consumer confidence." Pan American Metals of Miami has a team of investors, traders and account executives available to assist clients with their bullion purchases. Clients may choose to take physical possession of their precious metals bullion once full payment has been received. About us: Pan American Metals of Miami, LLC is a group of traders, investors and account executives 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. Website: http://www.panamericanmetalsofmiami.com Press Contact: Debbie Bailey Pan American Metals of Miami, LLC Email: dbailey@investpanam.com Website: http://www.panamericanmetalsofmiami.com |
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