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Political Unrest Drives Cocoa, Gold & Silver to New Records

February 19, 2011 at 6:10 by Vladimir Vyun

Political unrest in Ivory Coast boosted cocoa to the 32-year record. Former president Laurent Gbagbo refused to step down, turning the power over to new internationally recognized president Alassane Ouattara. The country’s prime minister said that the only was to resolver the dispute is protests like the ones in Egypt. May contract on delivery for cocoa rose $61 (1.8 percent) to $3,499 per metric ton as of 12:06 on ICE.

Gold and silver advanced on the concerns about the unrest in Middle East. The request from Iran to allow two naval ships through the Suez Canal on their way to Syria was accepted by Egypt. Israel called this passage a “provocation”. The tensions also escalated in Yemen. March futures for silver delivery gained $0.726 (2.3 percent) to $32.296 per ounce by 13:25 on COMEX. April futures for gold advanced $3.50 (0.3 percent) to $1,388.60 per ounce.

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