German Chancellor Angela Merkel delivered a speech stating the 17 nations that use the euro should effect rapid adjustments with the treaty in order to ensure closer fiscal union among the nations. Mario Draghi, president of the European Central Bank, on Thursday alluded to a tighter fiscal union among euro zone nations encouraging a more aggressive tack for the institution he leads to attack the sovereign debt scourge.
"Gold traders and investors seem more optimistic about recovery, looking at jobs figures and euro-zone pronouncements and stimulus, and more important, the inflationary aspects of this," states an email from precious metals strategist George Gero with RBC Capital Markets to MarketWatch.
At 10:22 a.m. on Friday, gold futures climbed 0.8 percent, a $14 climb to $1,753.80 per troy ounce.
Reuters reports Germany and France are spearheading a compromise deal to solve the debt scourge. That deal is expected to be presented at a European summit next week.
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.