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Home / Futures Blog / Gold, platinum, palladium gain after IMF announces its bullion is sold

Gold, platinum, palladium gain after IMF announces its bullion is sold

December 22, 2010 by Daniels Trading

The prices of precious metals increased following news that the International Monetary Fund finished selling some of its bullion reserves, Bloomberg reports.

"The last of the overhang has now gone," Peter Richardson, chief metals economist at Morgan Stanley in Melbourne, told Bloomberg. "The market will take that as a positive development."

Immediate-delivery gold increased 0.2 percent to $1,388.67 per troy ounce, an advancement of $3.07, shortly after noon in London. Though immediate-delivery silver remained stagnant at $29.3625 per troy ounce, both platinum and palladium rose. The former increased 0.3 percent to $1,733 per troy ounce, a rise of $5.90; the latter climbed 0.6 percent to $757.25 per troy ounce, an increase of $4.20.

The IMF announced on Tuesday that it sold more than 403 metric tons of gold as part of a program that started in September 2009. More than half of its gold was purchased by central banks of India, Sri Lanka, Mauritius and Bangladesh.

"Outside of the IMF sales, little other selling has materialized with the Euro-system banks selling remaining subdued," according to a report by Suki Cooper, an analyst with Barclays Capital in New York. "Gold's price reaction was muted in response to the news, but in the absence of the IMF sales, the sector is set to swing into a net buyer of gold."

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This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

Filed Under: Archived News

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Daniels Trading is an independent futures brokerage firm located in the heart of Chicago’s financial district. Established by renowned commodity trader Andy Daniels in 1995, Daniels Trading is built on a culture of trust committed to the firm’s mission of Independence, Objectivity and Reliability.

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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

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