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Home / Futures Blog / Precious metals gain as rebels decline mediation in Libya

Precious metals gain as rebels decline mediation in Libya

March 4, 2011 by Daniels Trading

Precious metals were scaling up in value Friday morning amidst news that opposition leaders declined a mediation offer between Libyan leader Muammar Gadhafi and rebel forces attempting to wrest control away from the 42-year ruler, Bloomberg reports.

Just prior to 9 a.m., gold futures were up 0.04 percent, a $0.60 increase to $1,417 per troy ounce. Silver futures were up 0.46 percent, a $0.158 rise to $34.485 per troy ounce.

"The situation in the Middle East and North Africa is really tense and there's a lot of uncertainty," Bernard Sin, the head of currency and metal trading at Geneva bullion refiner MKS Finance, told Bloomberg.

Anti-government protests successfully toppled leaders in Tunisia in January and Egypt in February. Having intensified in Libya shortly after Hosni Mubarak of Egypt fled Cairo for Sharm el Sheik, demonstrations have flared in Yemen, Bahrain, Oman, Jordan, Algeria, Morocco, Iran and Iraq.

Hugo Chavez, the president of Venezuela who is considered a rare ally of the embattled Libyan leader, offered to create a "mediation commission" and although the Arab League did convene with Venezuelan officials, the overture was turned down by the opposition.

"We do not accept any negotiations" with Gadhafi, opposition spokesman Mustafa Gheriani told the Associated Press.

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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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