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Home / Futures Blog / $97 million worth of most precious commodity missing in Central Africa

$97 million worth of most precious commodity missing in Central Africa

February 25, 2011 by Daniels Trading

A Central African nation is missing 2.5 tons of gold and two ministers recently paid a diplomatic visit to the Kenyan president to request assistance apprehending the suspects and try to recover the precious mineral, according to a published report.

The Daily Nation, a newspaper in Nairobi, reports an investigator said the gold valued at $97–plus million was stolen from the Democratic Republic of Congo, smuggled into Kenya then prepared to be sent to overseas markets. DRC officials also requested assistance from Interpol.

The gold is worth about 88.2 billion in Congo/Kinkasha Francs and almost 7.3 trillion Kenyan shillings.

Authorities are concerned about the gold finding its way to the black market, the unsavory underworld and, ultimately, to the acquisition of weaponry in a war-torn region.

The DRC mining and regional/international cooperation minister were dispatched by President Joseph Kabila to deliver a message to Kenyan President Mwai Kibaki, according to foreign affairs ministry sources.

Regional mineral ministers recently met in Nairobi to discuss exporting mineral resources while Zambia, further south, hosted a similar meeting where attendees adjusted laws aimed at enforcing the smuggling of minerals.

The Kenyan leader agreed to cooperate with the fight against illegal trade. Screening of imports has been heightened.

Just prior to 12:30 p.m. on Friday, gold futures were down 0.57 percent, a loss of $8.10 to $1,407.70 per troy ounce.

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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