Greek Prime Minister Backs Down on Referendum says Pan American Metals of Miami

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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. "
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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.panamerica
nmetalsofmiami.com Press Contact Debbie
Bailey Executive Administrator Pan American
Metals of Miami, LLC Email dbailey ( _at_ )
investpanam dot com Website http//www.panamerica
nmetalsofmiami.com Source http//www.1888pressre
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