Pan American Metals of Miami says Gold has Consolidated Gains Following Action by Central Banks (1888PressRelease) Gold has consolidated Wednesday's gains, remaining in the mid-$1700s. MIAMI, FL, December 1, 2011, Gold appears to be holding on to gains made yesterday as a result of the concerted action by the Federal Reserve and five major central banks. The central banks' action allowed a sigh of relief to flow through Europe and beyond as fears that the European debt crisis would spread globally dissipated. Nonetheless, euphoria had evaporated somewhat this morning following cautionary remarks from Mario Draghi, president of the European Central Bank. He did announce a willingness on the part of the ECB to step in, provided European nations could agree on tighter budget controls. Whether this agreement can be reached remains to be seen; France, for example, is seen to be highly resistant to giving up any sovereignty concerning budget decisions. Faith in the future of the euro has been fading fast and only time will tell whether Wednesday's action will be enough to save the currency. "Yesterday's move by central banks was highly beneficial to precious metals and gold is consolidating the gains made, staying in the $1740 - $1750 range," says Bill Hionas of Pan American Metals of Miami. "Silver has also consolidated gains and palladium has risen further, to $632, an impressive gain of 8.6% in just two days!" A European summit on December 9 is likely to come up with a decision on the next course of action for Europe and is consequently awaited with bated breath by the financial markets.
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 ( @ ) investpanam dot com Website: http://www.panamericanmetalsofmiami.com Source: http://www.1888pressrelease.com/pan-american-metals-of-miami-says-gold-has-consolidated-gain-pr-355230.html