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Home / Futures Blog / Gold futures top record high, silver futures climb as well

Gold futures top record high, silver futures climb as well

March 1, 2011 by Daniels Trading

Gold futures notched all-time record prices on Tuesday afternoon while silver futures also increased, driven largely by civil uprising in Libya aiming to oust its leader, Bloomberg reports.

Gold futures struck $1,435.60 per troy ounce and shattered the top value set on December 7 when gold futures were $1,432.50 per troy ounce.

"The continued instability overseas has brought the 'fear' trade back to gold," Adam Klopfenstein, a senior strategist at Lind-Waldock in Chicago, told Bloomberg. "Gold and silver are the big beneficiaries of the fear and uncertainty. Investors want to buy first and ask questions later."

Driven to record prices last year primarily because of the world's struggle with the recession, gold futures rose also because of euro zone banks teetering on the precipice of bankruptcy. Greek and Irish banks were granted bailouts by the European Union as Portuguese, Spanish and Italian banks reportedly were waiting in the wings.

In Tunisia this past January, anti-government demonstrators ousted the long-time leader. After 18 days of protests, Egyptian protestors succeeded at ousting their leader. Protests in Libya began shortly thereafter, and they are continuing this month.

Shortly before 5 p.m. on Tuesday, gold futures increased 1.76 percent, a $24.80 gain to $1,434.70 per troy ounce. Silver futures increased 2.51 percent, an $0.85 gain to $34.67 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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