Embattled Prime Minister George Papandreou was preparing to offer his resignation on Thursday morning, the BBC reports. Kicking the Aegean nation out of the European Union to spare the euro, while a popular idea with some analysts, is not a feasible option, Reuters reports the EU said Thursday morning
"The strong demand that we've seen, with gold at $1,650 up until last week, is not there any more," analyst Walter de Wet with Standard Bank told Reuters. "I think in the way gold has been behaving over the past couple of weeks it seems that people prefer to buy euro/gold which makes sense because of all the problems there."
At 8:52 a.m. on Thursday, gold futures lifted 1.52 percent, a $26.30 gain to $1,755.90 per troy ounce.
Five days after euro zone leaders finalized a fund to help indebted nations cope with the sovereign debt scourge, Papandreou said the citizens of the country he leads should vote whether to accept or decline the aid as the Aegean nation teeters on the edge of defaulting on loan obligations. Though the Greek cabinet endorsed the suggestion the next day, his reported offer to resign is likely to impact global markets in both directions.
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.