Greek Prime Minister Backs Down On Referendum Says Pan American Metals Of Miami

(1888PressRelease) Papandreou strikes a deal with coalition government.

MIAMI, FL, All eyes will be focused on Athens today as the drama with Greek Prime Minister George Papandreou plays out. However, it does look as if the referendum is not too likely to happen after all, which probably spells relief for the precious metals market. Apparently, Mr Papandreou has struck a deal, agreeing to stand down in favor of a coalition government if ministers help him win a confidence vote. Reportedly, following a meeting with Angela Merkel and Nicolas Sarkozy in Cannes, Mr Papandreou admitted that calling for the referendum had been a mistake. No doubt all will be revealed later Friday.

Meanwhile, the ECB announced a 25 point cut in its base interest rate, which further supported gold's recovery.Gold bullion is now holding firm around $1760 with many analysts predicting $1800 an ounce within the next month. A worsening situation in Europe could go either way as far as the price of gold is concerned; on the one hand, it could drive investors to find a safe haven; on the other hand, speculators and traders might find themselves selling off gold to cover losses elsewhere. It remains to be seen which way the dice will fall but, in the long term, the ongoing fiasco in Europe will likely drive safe-haven investment buying as people lose faith in fiat currencies.

"Investors and traders are rapidly losing patience with the European debacle," says Bill Hionas of Pan American Metals of Miami. "

Gold futures rose to a six-week high yesterday, following news of the ECB rate cut.

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/greek-prime-minister-backs-down-on-referendum-says-pan-ameri-pr-347941.html

by: Donald Hood

POST COMMENT

Gold Rises Again On Safe-haven Demand Says Pan American Metals Of Miami Tips On How To Come Across The Top Miami Lawyers Why You Should Plan For Miami Holiday Packages Moving To The United States Involves Many Steps That A Miami Immigration Lawyer Can Assist You With People That Wish To Move To Miami For Good Could Surely Use The Help Of A Miami Immigration Lawyer Pan American Metals Of Miami Says Gold Is Already Rallying Following Earlier Slide Miami Document Scanning Companies From The Ancient Conquistadors To Modern Immigration Laws Of Miami History Gold Futures Rise; Further Gains For Gold Predicted Says Pan American Metals Of Miami Pan American Metals Of Miami Reports Gold Edging Back Up Towards $1800 Miami, Where The Fun Begins Pan American Metals Of Miami Says Euro Zone Debt Pales Compared To That Of The Us Pan American Metals Of Miami Says Tumultuous Week In Europe Means A Strong End For Gold