Silver and Gold Prices Fall while Crude Oil Gains – USD down vs EUR but higher vs JPY

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(Best Syndication News) Gold and silver prices dropped as Brent crude oil and WTI added value in the United States (see the futures and forex tables below). The dollar gained ground against most currencies but did slip against the euro.

Greek debt concerns nearly kept U.S. stock indexes in the red Wednesday, but word came from Europe that EU Ministers and the International Monetary Fund (IMF) will meet Thursday to review a troika report. The troika is a body of officials from the IMF, the European Central Bank (ECB), and the European Commission.

Precious Metals

Low inflation prospects and worries from Europe put downward pressure on gold prices again Wednesday. April gold on the COMEX fell $17.10 (-0.98%) to $1,731.30 a troy ounce (see survey #2 chart below).

Silver prices behaved the same way, dropping 49 cents (-1.43%) to $33.70 a troy ounce. The ratio between gold and silver expanded to 51.4.

Platinum, palladium, and copper were higher. Aluminum on the London Metal Exchange (LME 3-month buyer) gained $60.00 to $2,275.00 per ton.

A similar trend occurred on the Tokyo Commodity Exchange (TOCOM). Gold and silver prices were lower in Asia, while platinum and palladium picked up momentum. Gold fell 23 yen (-0.53%) to 4,320 per gram. See the TOCOM chart below for our current exclusive dollar conversions.

Energy Prices

Light sweet crude oil (WTI) on the New York Mercantile Exchange (NYMEX) jumped 30 cents (+0.30%) to $98.71 a barrel.

Brent crude oil on the Intercontinental Exchange (ICE) gained 97 cents (0.83%) to $117.20 a barrel. The difference between the two benchmarks expanded to $18.49.

The higher prices occurred despite a U.S. government report indicating that crude oil inventories increased last week. OPEC also cut their demand growth estimates on the black-gold.

Natural gas and heating oil were both lower (NYMEX).

Forex Trading and Currency Exchange Rates

The euro (EUR) gained against all world currencies with the exception of the Swiss franc (CHF), while the British pound sterling (GBP) declined broadly (see the cross tables below).

The U.S. dollar (USD) gained against most currencies (see average dollar chart below). The USD was up 0.24 percent vs the Australian dollar (AUD), 0.11 percent vs the Japanese yen (JPY), 0.41 percent vs the GBP, and 0.06 percent vs the Canadian dollar (CAD).

A similar trend continued throughout the day (see intraday chart below). The USD/JPY hit 77.18, the EUR/USD hit 1.3296, the GBP/USD hit 1.584, the CAD/USD hit 0.9952, the USD/HKD hit 7.7552, the AUD/USD hit 1.0809.

By: Tom Madison
Business Reporter

TOCOM Chart with our exclusive dollar conversions:

2/8/2012 Tokyo Commodities Exchange One-Day One-Day Five-Day 30-Day 100-Day
Yen * Commodity Dollars ¥ Change % Change % Change % Change % Change
4,320 Gold (standard) $1,744.60 -23 -0.53% 0.26% 8.30% -1.35%
83.4 Silver $33.28 -2 -1.77% 0.36% 17.13% -14.90%
4,136 Platinum (standard) $1,670.30 37 0.90% 3.32% 14.57% -6.66%
1,787 Palladium $721.67 24 1.36% 3.06% 6.94% -0.45%
68,310 Gasoline $3.36 910 1.35% 5.09% 7.27% 9.07%
54,650 Crude oil $112.82 480 0.89% 6.84% 6.95% 6.16%
320.7 Rubber $1.89 -4 -1.29% 2.82% 17.56% -12.23%
51.80 Ratio Gold/Silver 0.64 6 1.26% -0.11% -7.54% 15.92%
* ¥ / gram kiloliter and kilogram PST - conversions to $ / ounce barrel or gallon

Survey#2 Settle Price Chart:

Wednesday Survey # 2 (BSNCOM2) One-Day One-Day 1 Week 30-Day 100-Day
2/8/2012 Energy and Metal Settle $ Change % Change % Change % Change % Change
2275.00 Aluminum 3-mo LME 60.00 2.71% 0.89% 12.74% -4.19%
117.20 Brent crude (not settled) 0.97 0.83% 5.06% 8.56% 4.36%
57.65 Coal -0.22 -0.38% -1.03% -21.21% -23.05%
3.91 Copper HG 0.03 0.86% 1.76% 14.68% -1.20%
98.71 Crude oil (WTI) 0.30 0.30% 1.13% -2.60% 10.41%
2.22 Ethanol ZE CBOT 0.01 0.59% 2.54% 0.04% -16.52%
1731.30 Gold GC -17.10 -0.98% -1.04% 8.51% -2.81%
3.19 Heating Oil (HO) 0.00 -0.04% 4.73% 9.66% 5.45%
2.45 Natural gas NG HH -0.02 -0.97% 2.77% -21.34% -36.87%
715.90 Palladium PA 7.15 1.01% 2.81% 7.51% -0.80%
1668.10 Platinum PL 15.90 0.96% 2.93% 16.33% -6.32%
2.98 RB RBOB Gasoline 0.05 1.63% 2.87% 10.65% 7.92%
33.70 Silver SI -0.49 -1.43% -0.30% 17.27% -14.57%
720.00 Steel Hot-Roll Coil 0.00 0.00% 0.00% 5.11% 3.60%
52.15 UxC Uranium U3O8 0.00 0.00% 0.00% -0.19% -0.57%
2/8/2012 Averages and Ratios Change One-Day 1 Week 30-Day 100-Day
372.1 Average All 0.47 0.13% 1.07% 9.49% -2.87%
700.8 Metals Average 0.92 0.13% 1.18% 11.25% -3.98%
40.6 Energy Average 0.16 0.38% 2.33% -3.07% -1.57%
51.4 Ratio Gold/Silver Prices 0.24 0.46% -0.74% -7.47% 13.77%
-63.2 Difference Plat-Gold 33.00 -34.30% -50.97% -60.89% 7800.00%
1.04 Ratio Plat/Gold -0.02 -1.92% -3.86% -6.72% 3.74%
1.2 Ratio Brent / WTI Prices 0.01 0.53% 3.88% 11.45% -5.48%
$18.49 Difference Brent - CL 0.67 3.76% 32.54% 179.31% -19.26%

Average Dollar Rate Chart:

Wednesday Average Surveys 1 - 3 % Change Day % Change Wk % Ch 30-Day Ch 100-Day
2/8/2012 Average 1US$ = Currency Pos=$US Gain Pos=$US Gain Pos=$US Gain Pos=$US Gain
0.9248 Average Against Aussie 0.24% -1.10% -6.69% -5.24%
0.7529 Average Against Euro € -0.07% -1.06% -2.67% 2.87%
77.0922 Average Against Yen ¥ 0.11% 1.12% -0.79% 0.26%
0.6309 Average Against Pound £ 0.41% -0.10% -2.52% -0.93%
0.9112 Average Against Franc -0.14% -0.65% -3.36% 3.26%
0.9947 Average Against Canadian 0.06% -0.44% -2.79% 1.12%
Average 1Currency = US$ Pos=$US Loss Pos=$US Loss Pos=$US Loss Pos=$US Loss
1.0813 Average Against Aussie -0.24% 1.12% 7.17% 5.53%
1.3283 Average Against Euro 0.07% 1.07% 2.75% -2.79%
0.0130 Average Against Yen -0.11% -1.10% 0.80% -0.26%
1.5849 Average Against Pound -0.40% 0.10% 2.58% 0.94%
1.0975 Average Against Franc 0.14% 0.65% 3.48% -3.16%
1.0053 Average Against Canadian -0.06% 0.44% 2.87% -1.11%

Intraday Chart:

Green = $ UP Intra-Day Trend Green = $ UP
Red = $ Down 2/8/2012 Survey 5A Survey 5B Survey 5C Red = $ Down
From Previous Time PT 12:00 AM 6:00PM 9:30PM Intra-Day
-0.05% USD/JPY 77.02 77.1 77.18 0.21%
-0.17% EUR/USD 1.3251 1.3229 1.3296 0.34%
-0.63% GBP/USD 1.5816 1.5804 1.584 0.15%
0.20% CAD/USD 0.9959 0.9975 0.9952 -0.07%
-0.01% USD/HKD 7.7536 7.754 7.7552 0.02%
-0.42% AUD/USD 1.0795 1.0753 1.0809 0.13%
0.00% USD/CNY 6.2938 6.2935 6.2949 0.02%

Cross Tables:

Survey 1 February 8 2012 6:00 PM
1 HKD 1 AUD 1 CAD 1 CHF 1 GBP 1 JPY 1 EUR 1 USD
USD $ 0.1289 1.0813 1.0052 1.0971 1.5848 0.013 1.3277 -
EUR € 0.0971 0.8144 0.7571 0.8264 1.1937 0.0098 - 0.7532
JPY ¥ 9.95 83.4384 77.5719 84.6647 122.296 - 102.454 77.1685
GBP £ 0.0814 0.6823 0.6343 0.6923 - 0.0082 0.8378 0.631
CHF franc 0.1175 0.9855 0.9162 - 1.4445 0.0118 1.2101 0.9115
CAD 0.1283 1.0756 - 1.0914 1.5765 0.0129 1.3208 0.9948
AUD 0.1193 - 0.9297 1.0147 1.4657 0.012 1.2279 0.9249
HKD 8.3857 7.7961 8.509 12.291 0.1005 10.2968 7.7556

One-Day Change:

Pos Means Top Currency Gained One Day Change February 8 2012 6:00 PM
Survey 1 1 HKD 1 AUD 1 CAD 1 CHF 1 GBP 1 JPY 1 EUR 1 USD
USD -0.078% -0.194% -0.050% 0.164% -0.408% 0.000% 0.083%
EUR € -0.103% -0.282% -0.132% 0.085% -0.492% 0.000% -0.080%
JPY ¥ 0.123% -0.057% 0.094% 0.311% -0.269% 0.226% 0.143%
GBP £ 0.494% 0.220% 0.364% 0.581% 0.000% 0.504% 0.414%
CHF -0.170% -0.364% -0.218% -0.578% 0.000% -0.083% -0.164%
CAD 0.078% -0.149% 0.211% -0.367% 0.000% 0.136% 0.050%
AUD $ 0.252% 0.151% 0.366% -0.211% 0.000% 0.286% 0.206%
HKD -0.180% -0.029% 0.188% -0.391% -0.099% 0.103% 0.021%

30-Day Change:

Pos Means Top Currency Gained 30- Day Change February 8 2012 6:00 PM
Survey 1 1 HKD 1 AUD 1 CAD 1 CHF 1 GBP 1 JPY 1 EUR 1 USD
USD 0.23% 6.41% 2.43% 2.46% 1.17% 0.78% 1.58%
EUR -1.32% 4.75% 0.83% 0.88% -0.39% 0.00% -1.56%
JPY -0.56% 5.53% 1.59% 1.63% 0.35% 0.75% -0.81%
GBP -0.85% 5.18% 1.25% 1.27% 0.00% 0.41% -1.16%
CHF -2.16% 3.85% -0.03% -1.25% -1.67% -0.86% -2.40%
CAD -2.06% 3.87% 0.03% -1.23% -1.53% -0.83% -2.37%
AUD -5.77% -3.74% -3.70% -4.91% -4.76% -4.53% -6.02%
HKD 6.13% 2.17% 2.20% 0.92% 0.60% 1.32% -0.26%

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