Gold Prices Ratchet-Up as Silver and Crude Oil Climb on Growth Optimism

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(Best Syndication News) Precious metal prices shot-up more than one percent Tuesday as investors see growth in China (see commodities charts below). Tensions between the United States and Iran along with an improved economic outlook helped shore up sagging oil prices.

Energy Prices

February light sweet crude oil on the New York Mercantile Exchange had been lower three straight days, but the trend reversed on Tuesday (see the survey #2 chart below). The price of WTI jumped $2.01 (+2.04%) to $100.71 a barrel.

The National Bureau of Statistics of China reported that the gross domestic product in the fourth quarter increased at 8.9 percent on an annual basis. Analysts had expected an increase of only 8.1 percent.

Industrial production and retail sales in China also beat expectations. If the trend continues there could be an increased demand for oil pushing prices even higher.

Brent crude oil on the Intercontinental Exchange (ICE) added 90 cents (+0.81%) to $111.34 a barrel. The spread between the two benchmarks tightened to just $10.63.

Natural gas has been declining. Flat demand because of the weather and an over supply of nat gas pushed prices down another 6.82 percent.

Precious Metals

Aluminum on the London Metal Exchange (LME) has been steadily increasing; however on Tuesday the price fell $38.50 (-1.76%) to $2,150.00 per ton.

February gold on the COMEX gained $24.80 (+1.52%) to $1,655.60 a troy ounce.

Silver gained 61 cents (+2.08%) to $30.14 a troy ounce. The ratio between gold and silver declined to 54.9.

Gold, silver, platinum and palladium prices were all higher on the Tokyo Commodity Exchange (TOCOM). Gold jumped 46 yen (+1.14%) to ¥4,095 per gram. See the TOCOM chart below for our exclusive dollar conversions.

Agricultural Commodities

Cocoa, coffee, and sugar futures expanded on the Coffee, Sugar and Cocoa Exchange (CSCE). Sugar gained 0.92 percent on Tuesday; however cocoa has gained 5.30 percent over the last five business days (see the survey #1 chart below).

Soybeans gained 2.16 percent on the CBOT. Corn and wheat were also higher.

Orange juice on the NYCE fell 1.81 percent.

Feeder cattle prices were unchanged. However, lean hogs and live cattle futures were both higher.

By: Tom Madison
Business Reporter

TOCOM Chart with our exclusive dollar conversions:

1/17/2012 Tokyo Commodities Exchange One-Day One-Day Five-Day 30-Day 100-Day
Yen * Commodity Dollars ¥ Change % Change % Change % Change % Change
4,095 Gold (standard) $1,659.99 46 1.14% 2.25% -6.08% -9.80%
73.8 Silver $29.92 2 2.07% 2.93% -9.23% -28.14%
3,784 Platinum (standard) $1,533.92 98 2.66% 6.41% -3.47% -18.52%
1,620 Palladium $656.70 43 2.73% 4.38% 1.82% -14.65%
64,810 Gasoline $3.20 320 0.50% -0.81% 2.21% 7.64%
51,990 Crude oil $107.73 740 1.44% -0.65% 1.78% 3.03%
293.8 Rubber $1.74 16 5.68% 9.59% 4.78% -18.57%
55.49 Ratio Gold/Silver -1 -0.92% -0.66% 3.47% 25.52%
* ¥ / gram kiloliter and kilogram PST - conversions to $ / ounce barrel or gallon

Survey #2 Settle Price Chart:

Tuesday Survey # 2 (BSNCOM2) One-Day One-Day 1 Week 30-Day 100-Day
1/17/2012 Energy and Metal Settle $ Change % Change % Change % Change % Change
2150.00 Aluminum 3-mo LME -38.50 -1.76% 3.44% 1.92% -8.84%
111.34 Brent crude (not settled) 0.90 0.81% -1.29% 0.74% 2.75%
61.50 Coal -1.52 -2.41% -9.98% -11.19% -19.71%
3.73 Copper HG 0.09 2.54% 9.18% 5.89% -6.67%
100.71 Crude oil (WTI) 2.01 2.04% -0.58% 0.51% 17.87%
2.14 Ethanol ZE CBOT 0.02 0.99% -5.14% -15.24% -25.96%
1655.60 Gold GC 24.80 1.52% 2.95% -4.84% -11.05%
3.04 Heating Oil (HO) 0.01 0.33% -1.16% 2.28% 3.22%
2.49 Natural gas NG HH -0.18 -6.82% -17.37% -31.80% -37.69%
654.95 Palladium PA 20.45 3.22% 6.10% 4.20% -14.32%
1526.70 Platinum PL 39.90 2.68% 6.95% -1.96% -18.80%
2.77 RB RBOB Gasoline 0.04 1.36% 0.45% 8.34% -3.66%
30.14 Silver SI 0.61 2.08% 4.70% -7.87% -28.74%
733.00 Steel Hot-Roll Coil 0.00 0.00% 0.00% 3.97% 10.23%
53.00 UxC Uranium U3O8 0.00 0.00% 1.44% 2.42% 6.11%
1/17/2012 Averages and Ratios Change One-Day 1 Week 30-Day 100-Day
352.9 Average All 6.22 1.80% 3.72% -1.38% -10.97%
654.0 Metals Average 14.31 2.24% 5.00% -2.23% -14.73%
40.6 Energy Average 0.18 0.45% -3.24% -2.63% 0.31%
54.9 Ratio Gold/Silver Prices -0.30 -0.54% -1.67% 3.29% 24.83%
-128.9 Difference Plat-Gold 15.10 -10.49% -28.63% -29.41% -785.64%
1.08 Ratio Plat/Gold -0.01 -1.13% -3.74% -2.94% 9.54%
1.1 Ratio Brent / WTI Prices -0.01 -1.20% -0.71% 0.23% -12.83%
$10.63 Difference Brent - CL -1.11 -9.45% -7.48% 3.00% -53.62%

Survey #1 Chart:

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Tuesday Survey #1 One-Day One-Day 1 Week 30-Day 100-Day
1/17/2012 Commodity $ Change % Change % Change % Change % Change
2,150.00 Aluminum 3-mo B -38.50 -1.76% 3.44% 1.92% -8.84%
110.35 Brent Crude 0.00 0.00% -2.18% -0.15% 1.84%
2,286.00 Cocoa 17.00 0.75% 5.30% -0.26% -26.96%
226.9 Coffee 2.15 0.96% 2.55% -3.43% -16.78%
3.721 Copper 0.10 2.73% 8.55% 5.04% -7.35%
606.25 Corn X 100 7.00 1.17% -7.12% 0.62% -18.46%
98.19 Cotton 2.72 2.85% 2.46% 7.32% -7.19%
574 CRB Com Index 4.33 0.76% 0.00% -1.71% -12.10%
101.15 Crude oil 2.40 2.43% -0.57% 1.03% 18.54%
152.38 Feeder cattle 0.00 0.00% 1.67% 3.96% 13.50%
1,652.50 Gold GC 17.20 1.05% 2.22% -5.36% -10.91%
87.53 Lean hogs 0.30 0.34% 4.89% -3.12% -0.59%
126.98 Live cattle 0.38 0.30% 5.57% 2.01% 10.32%
2.53 Natural gas -0.17 -6.30% -16.78% -30.68% -37.84%
184.4 Orange juice -3.40 -1.81% -1.78% 3.86% 13.16%
649.1 Palladium 11.05 1.73% 3.70% 2.34% -14.82%
1,519.00 Platinum 25.40 1.70% 5.93% -2.38% -19.33%
30.04 Silver SI 0.30 1.01% 3.19% -8.75% -29.05%
1,184.00 Soybeans X 100 25.00 2.16% -3.86% 4.69% -15.28%
24.02 Sugar 0.22 0.92% 3.62% 1.78% -22.06%
2.7832 Unleaded gasoline 0.03 1.25% 0.67% 6.53% -3.26%
604.5 Wheat X 100 2.00 0.33% -5.84% -1.67% -22.80%
1/17/2012 Commodity Type Change One-Day 1 Week 30-Day 100-Day
562.02 Average (All) -Alum 3.39 0.61% 1.86% -0.22% -16.11%
54.20 Energy 0.57 1.06% -1.60% -0.04% 8.06%
122.30 Livestock * 0.23 0.19% 3.76% 1.52% 10.20%
651.78 Agricultural 6.59 1.02% -0.21% 0.90% -21.31%
770.87 Metals Minus Aluminum 10.81 1.42% 3.92% -2.98% -15.22%

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