Futures and Commodities – Gold and Silver Prices Drop as Crude Oil Slides Again

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(Best Syndication News) Silver and gold prices declined Friday as new economic worries from Europe threaten the global recovery (see the futures charts below). Oil prices continued to stumble despite political tension between the Iran and the West.

Equity investors were haunted during the trading day Friday on word that Standard and Poor’s was planning to downgrade the sovereign debt of France, Spain and Italy. After the close of trading the rating agency issued a statement.

S&P believes that the policy decisions made by European lawmakers are insufficient to cope with the “systemic stresses in the eurozone.” They lowered the rating of nine sovereigns while reaffirmed the rating of seven. France was downgraded one notch.

Only Germany and the Slovak Republic have a “stable” outlook.

Precious Metals

A combination of a strong dollar and a dreary inflation outlook pushed gold and silver futures lower. February gold on the COMEX declined $16.90 (-1.03%) to $1,630.80 a troy ounce (see the survey #2 chart below).

Silver futures for March delivery declined 60 cents (-2.09%) to $29.52 a troy ounce. The ratio between the two metals expanded to 55.2. Over the last week, both gold and silver have trended higher.

Palladium and platinum were both lower. Copper and platinum futures were still nearly six percent higher on the week.

Precious metals on the Tokyo Commodity Exchange (TOCOM) were mostly higher Friday. Gold gained 11 yen (+0.27%) to ¥4,049 per gram. Over the last week silver gained 4.09 percent while platinum gained 4.81 percent. Palladium last 1.06 percent on the week.

See the TOCOM chart below for our exclusive dollar conversions.

Energy Prices

Both Brent crude oil and light sweet crude oil were trending higher last week, until the European Union postponed their decision on sanctions against Iran. European foreign Ministers are expected to meet again on January 23 (Monday).

Light sweet crude oil (WTI) on the New York Mercantile Exchange (NYMEX) fell 40 cents (-0.40%) to $98.70 a barrel.

Brent crude oil on the Intercontinental Exchange (ICE) declined $1.80 (-1.60%) to $110.44 a barrel. The difference between the two benchmarks was $11.74.

Coal dropped 8.33 percent last week, but natural gas futures have been falling even quicker, down 12.80 percent on the week.

Agricultural Commodities

Although most agricultural commodities were lower on Friday, nearly all were higher on the week (see survey #1 chart below).

Cocoa and coffee futures on the CSCE were down; however sugar gained 2.42 percent on Friday. Cocoa gained 12.33 percent on the week. Demand for cocoa may be waning, according to a report from Europe.

Corn, soybeans, and wheat futures were all lower on the CBOT Friday. Cotton on the NYCE was also lower.

Feeder cattle (CME), live cattle and lean hogs were all higher.

By: Tom Madison
Business Reporter

TOCOM Chart with our exclusive dollar conversions:

1/13/2012 Tokyo Commodities Exchange One-Day One-Day Five-Day 30-Day 100-Day
Yen * Commodity Dollars ¥ Change % Change % Change % Change % Change
4,049 Gold (standard) $1,651.24 11 0.27% 1.14% -5.08% -10.50%
72.3 Silver $29.90 0 0.41% 4.09% -6.58% -28.83%
3,686 Platinum (standard) $1,501.71 11 0.30% 4.81% -4.04% -20.13%
1,577 Palladium $642.66 -16 -1.00% -1.06% 7.23% -14.55%
64,490 Gasoline $3.23 470 0.72% -0.46% 5.24% 10.42%
51,250 Crude oil $108.06 90 0.17% -1.01% 1.87% 4.93%
278 Rubber $1.65 0 0.04% 5.04% 3.10% -21.78%
56.00 Ratio Gold/Silver 0 -0.14% -2.83% 1.61% 25.76%
* ¥ / gram kiloliter and kilogram PST - conversions to $ / ounce barrel or gallon

Survey #2 Settle Price Chart:

Friday Survey # 2 (BSNCOM2) One-Day One-Day 1 Week 30-Day 100-Day
1/13/2012 Energy and Metal Settle $ Change % Change % Change % Change % Change
2188.50 Aluminum 3-mo LME 28.50 1.32% 7.91% 10.14% -7.35%
110.44 Brent crude (not settled) -1.80 -1.60% -2.32% -1.23% 1.68%
63.02 Coal -0.55 -0.87% -8.33% -9.19% -17.02%
3.64 Copper HG -0.01 -0.33% 5.88% 2.08% -8.05%
98.70 Crude oil (WTI) -0.40 -0.40% -2.82% -1.65% 16.92%
2.12 Ethanol ZE CBOT -0.03 -1.53% -4.59% -14.61% -25.74%
1630.80 Gold GC -16.90 -1.03% 0.87% -6.83% -13.80%
3.03 Heating Oil (HO) -0.03 -0.88% -1.40% 0.07% 4.00%
2.67 Natural gas NG HH -0.03 -1.00% -12.80% -24.79% -31.34%
634.50 Palladium PA -6.20 -0.97% 3.43% 4.02% -17.07%
1486.80 Platinum PL -12.20 -0.81% 5.86% -4.74% -21.98%
2.73 RB RBOB Gasoline 0.00 0.11% -0.63% 6.87% -3.56%
29.52 Silver SI -0.60 -2.00% 2.93% -9.86% -31.86%
733.00 Steel Hot-Roll Coil 0.00 0.00% 0.00% 16.16% 10.23%
53.00 UxC Uranium U3O8 1.05 2.02% 1.44% 2.42% 6.11%
1/13/2012 Averages and Ratios Change One-Day 1 Week 30-Day 100-Day
346.7 Average All -2.69 -0.77% 2.26% -1.61% -13.42%
639.7 Metals Average -5.81 -0.90% 3.20% -4.26% -17.63%
40.4 Energy Average -0.40 -0.99% -4.00% -3.58% 0.44%
55.2 Ratio Gold/Silver Prices 0.54 0.99% -2.00% 3.36% 26.50%
-144.0 Difference Plat-Gold 4.70 -3.16% -32.17% -24.01% -1143.48%
1.10 Ratio Plat/Gold 0.00 -0.21% -4.72% -2.19% 10.49%
1.1 Ratio Brent / WTI Prices -0.01 -1.20% 0.51% 0.43% -13.03%
$11.74 Difference Brent - CL -1.40 -10.65% 2.09% 2.44% -51.49%

Survey #1 Chart:

Friday Survey #1 One-Day One-Day 1 Week 30-Day 100-Day
1/13/2012 Commodity $ Change % Change % Change % Change % Change
2,188.50 Aluminum 3-mo B 28.50 1.32% 7.91% 10.14% -7.35%
110.35 Brent Crude -1.71 -1.53% -2.18% -0.42% 1.59%
2,269.00 Cocoa -61.00 -2.62% 12.33% -1.77% -25.68%
224.75 Coffee -9.25 -3.95% 1.42% -4.97% -16.25%
3.622 Copper -0.02 -0.41% 5.54% 1.17% -8.98%
599.25 Corn X 100 -12.25 -2.00% -6.80% -1.44% -18.47%
95.47 Cotton -0.22 -0.23% -0.41% 2.92% -10.15%
569.67 CRB Com Index -2.33 -0.41% 0.65% -2.62% -12.49%
98.75 Crude oil -0.67 -0.67% -3.12% -1.99% 17.42%
152.38 Feeder cattle 1.50 0.99% 1.67% 4.21% 13.13%
1,635.30 Gold GC -13.60 -0.82% 1.07% -6.62% -13.93%
87.23 Lean hogs 0.25 0.29% 3.85% -4.67% -1.19%
126.6 Live cattle 1.45 1.16% 5.15% 2.15% 9.52%
2.7 Natural gas -0.04 -1.46% -12.62% -24.58% -32.33%
187.8 Orange juice 9.70 5.45% 5.77% 6.46% 13.99%
638.05 Palladium 5.05 0.80% 3.58% 3.39% -15.98%
1,493.60 Platinum 0.00 0.00% 6.08% -4.21% -21.55%
29.74 Silver SI -0.43 -1.43% 3.62% -9.33% -31.76%
1,159.00 Soybeans X 100 -25.00 -2.11% -3.34% 2.25% -16.38%
23.8 Sugar 0.54 2.32% 2.19% 0.38% -22.70%
2.7488 Unleaded gasoline 0.00 0.18% -0.57% 6.97% -2.99%
602.5 Wheat X 100 -2.50 -0.41% -3.56% -2.11% -21.24%
1/13/2012 Commodity Type Change One-Day 1 Week 30-Day 100-Day
558.63 Average (All) -Alum -3.79 -0.67% 3.98% 0.04% -16.33%
53.64 Energy -0.60 -1.11% -2.74% -1.46% 7.52%
122.07 Livestock * 1.07 0.88% 3.37% 1.26% 9.71%
645.20 Agricultural -12.50 -1.90% 3.13% -0.67% -20.70%
760.06 Metals Minus Aluminum -1.80 -0.24% 3.43% -4.13% -17.58%

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