Gold Prices Climb as Silver Slips– USD Higher vs EUR but Lower vs JPY – Brent Crude Oil Mixed

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(Best Syndication News) Gold and silver prices moved in opposite directions Tuesday as traders looked for safe-havens (see forex and futures charts below). The U.S. dollar declined against the yen but gained ground versus the euro.

World Economic News

The Australian Bureau of Statistics (ABS) said that home prices fell 4.8 percent on a seasonally adjusted annual basis in the fourth quarter 2011. Economists thought the decline would only be 3.3 percent. This could signal another round of rate cuts.

Home prices in the United States also stumbled last year. The Standard & Poor’s / Case-Shiller index declined 1.3 percent from October to November. Their 20-city index fell 3.7 percent year-on-year (YoY). Economists had expected a decrease of only 2.0 percent.

There was some good economic news. Manufacturing expanded in January, according to the Chinese government. The China purchasing managers index (PMI) hit 50.5 in January, up from 50.3 in December. This beat analyst expectations of 49.5. Anything under 50 indicates a contraction.

HSBC said Chinese economic activity is contracting. Their PMI calculation for January was just 48.8. This is marginally higher from the 48.7 reading in December, but January is the third consecutive month of contractions.

U.S. consumer confidence declined in January, according to a poll conducted by the Conference Board. Economists had expected another increase after two months of gains.

The confidence index fell nearly four points from 64.8 to 61.1. Economists had expected that number to be 67.0. This means that Americans a slightly more pessimistic about the economy in 2012 than they were last month.

Precious Metals

April gold on the COMEX added six dollar (+0.35%) to $1,740.40 a troy ounce (see the survey #2 chart below).

Silver futures for March delivery fell 27 cents (-0.79%) to $33.26. The ratio between gold and silver expanded to 52.3.

Jim Steel, the HSBC chief commodities analyst, said monetary policy should push gold prices higher. He said there is still retail demand.

Jeffrey Christian, the CPM Group Managing Director, said that increased production and scrap recovery as people sell their gold jewelry should put downward pressure on prices. There is some price resistance among investors. “We could be seeing the high for the year right now,” Christian said.

Platinum, palladium and copper were all lower.

A similar trend occurred on the Tokyo Commodity Exchange (TOCOM). Gold gained 3 yen (+0.07%) to ¥4,269 per gram. See the TOCOM chart below for our exclusive dollar conversions.

Aluminum on the London Metal Exchange (LME) gained 2.43 percent in one day.

Energy Prices

Light sweet crude oil (WTI) on the New York Mercantile Exchange (NYMEX) declined 30 cents to (-0.30%) to $98.48 a barrel.

Brent crude oil on the Intercontinental Exchange (ICE) gained 23 cents (0.21%) to $110.98. The difference between WTI and Brent expanded to $12.50.

Heating oil gained, however coal and natural gas declined.

Currency Exchange Rates

The British pound sterling (GBP) and the Japanese yen (JPY) gained broadly against other major world currencies (see the cross tables below). The euro (EUR) was the big loser.

The U.S. dollar gained against most world currencies (see the average dollar chart below). The greenback advanced 0.22 percent vs the Australian dollar (AUD), 0.79 percent vs the Swiss franc (CHF), and 0.33 percent Canadian dollar (CAD).

The greenback turned around vs the JPY later in the day (see the intraday chart below). The USD/JPY hit 76.2, the EUR/USD hit 1.3067, the GBP/USD hit 1.5755, the CAD/USD hit 1.0031, the USD/HKD hit 7.7566, and the AUD/USD hit 1.061.

By: Tom Madison
Business Reporter

TOCOM Chart with our exclusive dollar conversions:

1/31/2012 Tokyo Commodities Exchange One-Day One-Day Five-Day 30-Day 100-Day
Yen * Commodity Dollars ¥ Change % Change % Change % Change % Change
4,269 Gold (standard) $1,730.30 3 0.07% 2.42% 6.78% -6.87%
81.1 Silver $32.87 -1 -0.61% 2.14% 11.10% -21.72%
3,907 Platinum (standard) $1,583.57 -53 -1.34% 0.70% 9.35% -15.05%
1,689 Palladium $684.58 -1 -0.06% -0.65% 7.79% -11.06%
65,330 Gasoline $3.22 -240 -0.37% -1.45% 7.89% 1.44%
51,330 Crude oil $106.35 -130 -0.25% -1.78% 6.19% -3.66%
319.4 Rubber $1.89 10 3.13% 1.24% 16.65% -13.75%
52.64 Ratio Gold/Silver 0 0.69% 0.28% -3.89% 18.97%
* ¥ / gram kiloliter and kilogram PST - conversions to $ / ounce barrel or gallon

Survey #2 Chart:

Tuesday Survey # 2 (BSNCOM2) One-Day One-Day 1 Week 30-Day 100-Day
1/31/2012 Energy and Metal Settle $ Change % Change % Change % Change % Change
2298.00 Aluminum 3-mo LME 54.50 2.43% 3.10% 15.77% -3.83%
110.98 Brent crude (not settled) 0.23 0.21% 0.36% 7.38% -4.16%
59.13 Coal -2.09 -3.41% -2.95% -12.30% -21.32%
3.79 Copper HG -0.04 -0.95% -0.46% 13.78% -8.28%
98.48 Crude oil (WTI) -0.30 -0.30% -0.47% 5.29% 10.23%
2.17 Ethanol ZE CBOT 0.00 0.05% -0.37% 4.43% -22.86%
1740.40 Gold GC 6.00 0.35% 4.56% 8.92% -4.25%
3.06 Heating Oil (HO) 0.01 0.36% 1.28% 9.37% -0.42%
2.50 Natural gas NG HH -0.21 -7.74% -2.00% -19.96% -36.47%
685.95 Palladium PA -2.15 -0.31% 0.88% 9.99% -8.64%
1585.50 Platinum PL -28.20 -1.75% 2.28% 11.87% -13.30%
2.89 RB RBOB Gasoline 0.02 0.58% 2.94% 16.10% -0.71%
33.26 Silver SI -0.27 -0.79% 4.03% 12.10% -19.99%
720.00 Steel Hot-Roll Coil -5.00 -0.69% -1.77% 5.11% 3.60%
52.25 UxC Uranium U3O8 0.00 0.00% -0.48% -0.48% 3.57%
1/31/2012 Averages and Ratios Change One-Day 1 Week 30-Day 100-Day
364.3 Average All -2.29 -0.62% 2.07% 8.89% -6.95%
683.5 Metals Average -4.11 -0.60% 2.97% 10.12% -8.73%
39.9 Energy Average -0.33 -0.83% -0.64% 1.61% -4.71%
52.3 Ratio Gold/Silver Prices 0.59 1.15% 0.51% -2.84% 19.67%
-154.9 Difference Plat-Gold -34.20 28.33% 35.52% -14.23% -1495.50%
1.10 Ratio Plat/Gold 0.02 2.13% 2.23% -2.64% 10.44%
1.1 Ratio Brent / WTI Prices 0.01 0.51% 0.84% 1.99% -13.06%
$12.50 Difference Brent - CL 0.53 4.43% 7.48% 27.29% -52.76%

Average Dollar Rate Chart:

Tuesday Average Surveys 1 - 3 % Change Day % Change Wk % Ch 30-Day Ch 100-Day
1/31/2012 Average 1US$ = Currency Pos=$US Gain Pos=$US Gain Pos=$US Gain Pos=$US Gain
0.9427 Average Against Aussie 0.22% 0.31% -5.76% 0.10%
0.7653 Average Against Euro € 0.84% 0.35% 0.11% 6.25%
76.2404 Average Against Yen ¥ -0.09% -1.74% -2.28% -1.62%
0.6350 Average Against Pound £ -0.07% -0.38% -0.77% 1.34%
0.9222 Average Against Franc 0.79% 0.13% -0.93% 5.61%
1.0034 Average Against Canadian 0.33% 0.20% -2.87% 1.45%
Average 1Currency = US$ Pos=$US Loss Pos=$US Loss Pos=$US Loss Pos=$US Loss
1.0608 Average Against Aussie -0.22% -0.30% 6.12% -0.10%
1.3067 Average Against Euro -0.83% -0.35% -0.11% -5.88%
0.0131 Average Against Yen 0.09% 1.77% 2.34% 1.65%
1.5749 Average Against Pound 0.07% 0.38% 0.77% -1.33%
1.0844 Average Against Franc -0.78% -0.13% 0.94% -5.32%
0.9966 Average Against Canadian -0.33% -0.20% 2.96% -1.43%

Intraday Chart:

Green = $ UP Intra-Day Trend Green = $ UP
Red = $ Down 1/31/2012 Survey 5A Survey 5B Survey 5C Red = $ Down
From Previous Time PT 12:00 AM 6:00PM 9:30PM Intra-Day Average
-0.18% USD/JPY 76.19 76.2 76.2 0.01% 76.197
-0.71% EUR/USD 1.3083 1.3067 1.3067 -0.12% 1.307
0.11% GBP/USD 1.5753 1.5757 1.5755 0.01% 1.576
0.16% CAD/USD 1.0025 1.0024 1.0031 0.06% 1.003
-0.01% USD/HKD 7.7554 7.7564 7.7566 0.02% 7.756
-0.08% AUD/USD 1.0616 1.0626 1.061 -0.06% 1.062
-0.13% USD/CNY 6.308 6.3056 6.3056 -0.04% 6.306

Cross Tables:

Survey 1 January 31 2012 6:00 PM
1 HKD 1 AUD 1 CAD 1 CHF 1 GBP 1 JPY 1 EUR 1 USD
USD $ 0.1289 1.0609 0.9966 1.0845 1.5749 0.0131 1.3067 -
EUR € 0.0987 0.8119 0.7626 0.8299 1.2053 0.01 - 0.7653
JPY ¥ 9.824 80.8439 75.9376 82.6369 120.009 - 99.5709 76.2003
GBP £ 0.0819 0.6737 0.6328 0.6886 - 0.0083 0.8297 0.635
CHF franc 0.1189 0.9783 0.9189 - 1.4522 0.0121 1.2049 0.9221
CAD 0.1294 1.0646 - 1.0882 1.5804 0.0132 1.3112 1.0035
AUD 0.1215 - 0.9393 1.0222 1.4844 0.0124 1.2316 0.9426
HKD 8.2292 7.7298 8.4117 12.2158 0.1018 10.1354 7.7565

One-Day Change:

Pos Means Top Currency Gained One Day Change January 31 2012 6:00 PM
Survey 1 1 HKD 1 AUD 1 CAD 1 CHF 1 GBP 1 JPY 1 EUR 1 USD
USD 0.000% -0.198% -0.300% -0.760% 0.070% 0.000% -0.827%
EUR € 0.817% 0.645% 0.514% 0.060% 0.913% 1.010% 0.830%
JPY ¥ -0.162% -0.345% -0.465% -0.920% -0.085% -0.982% -0.156%
GBP £ 0.000% -0.252% -0.378% -0.835% 0.000% -0.896% -0.063%
CHF 0.763% 0.576% 0.459% 0.840% 0.833% -0.066% 0.765%
CAD 0.310% 0.122% -0.457% 0.387% 0.763% -0.523% 0.310%
AUD $ 0.165% -0.117% -0.574% 0.257% 0.813% -0.645% 0.191%
HKD -0.184% -0.304% -0.760% 0.076% 0.197% -0.823% 0.005%

30-Day Change:

Pos Means Top Currency Gained 30- Day Change January 31 2012 6:00 PM
Survey 1 1 HKD 1 AUD 1 CAD 1 CHF 1 GBP 1 JPY 1 EUR 1 USD
USD 0.31% 6.67% 3.32% 1.52% 1.66% 2.34% 0.34%
EUR 0.00% 6.31% 2.96% 1.17% 1.32% 1.01% -0.34%
JPY -1.86% 4.32% 1.04% -0.72% -0.58% -1.87% -2.20%
GBP -1.21% 4.94% 1.64% -0.13% 0.00% -1.30% -1.63%
CHF -1.16% 5.07% 1.77% 0.14% 0.83% -1.16% -1.50%
CAD -2.85% 3.24% -1.74% -1.61% -0.75% -2.88% -3.21%
AUD -5.96% -3.14% -4.83% -4.70% -3.88% -5.93% -6.25%
HKD 6.30% 2.96% 1.17% 1.31% 1.90% -0.01% -0.35%

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