MIAMI, FL - There seems to be no end in sight to the ongoing sovereign debt issues in Europe; no sooner has the Greek situation abated somewhat than we are faced with a new crisis in Italy. Since Italy's economy is larger than Greece's, it is the third largest in the EU, a bailout does not appear to be feasible.

Italian Prime Minister Silvio Berlusconi was unable to get a majority in a recent vote and faced strong pressure to step down; at the time of writing news reports are saying that he has, in fact, agreed to step down once 'key economic reforms' have been approved.

"The ongoing problems in Europe are supportive for gold," says Bill Hionas of Pan American Metals of Miami. "This seemingly never-ending crisis is increasing people's fears about the viability of paper currencies and driving them to choose gold bullion for protection."

Gold futures pushed through $1800 today, reaching a six-week high as the present bullish trend appears to be strongly supported and set to continue. Suggestion that the current crisis may be averted, if Mr Berlusconi steps down, should be supportive of the euro, resulting in a weaker dollar, which is also supportive of gold as the preferred safe haven. Investors are coming to distrust paper currencies and see the tangibility of precious metals bullion as more trustworthy.

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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/italian-crisis-sends-gold-soaring-on-safe-haven-demand-pr-349041.html