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Home / Futures Blog / Gold, silver climb as North African tension mounts

Gold, silver climb as North African tension mounts

February 23, 2011 by Daniels Trading

Gold futures were up slightly more than a quarter of a point on Wednesday morning as anti-government demonstrations escalated in North Africa and the Middle East, Bloomberg reports. Silver futures also increased.

Muammar Gadhafi, Libya's embattled ruler of 42 years, told a television audience on Tuesday that he will not bend to the spreading protests. The value of the U.S. dollar slipped against the euro amidst increasing fuel costs while gold futures remained above $1,400 per troy ounce.

Just before 8:15 a.m. on Wednesday, gold futures gained 0.26 percent, a $3.70 uptick to $1,404.80 per troy ounce.

The precious metal "will continue to be boosted by geopolitical factors, inflation threats, and from a return of investment," according to a Wednesday report by Tom Pawlicki, an analyst at MF Global in Chicago.

Silver futures also were up prior to 8:15 a.m., a 1.21 percent increase of 0.399 cents to $33.255 per troy ounce.

Protests in Libya come on the heels of demonstrators' success in toppling the ruler of Egypt, Libya's neighbor to the east. Earlier this month, Hosni Mubarak fell after 18 days. Tunisia's leader was the first to fall to anti-government demonstrations, which took place in January. In response to protests, Yemen's ruler vowed not to run for re-election, also stating he would not pass on rulership to his son.

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.

Filed Under: Archived News

About Daniels Trading

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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