Earlier today oil and gold fell on Libya's cease fire proposal submitted by a delegation of African leaders and backed by Gadhafi, but the process will take longer than the investors thought. Rebels rejected the proposal and demanded removal of Gadhafi and his sons from power.
"Our position since the first day is that any solution must include the departure of Gadhafi and his sons and his inner circle," say the head of the "Any proposal that does not include this essential demand we cannot possibly accept."
Gold and gold mining companies were deep in red today after a steep run up. They will likely form support to rebound. GDX is looking at 61 for a support and a chance to bounce back.
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