Gold Prices Jump on Economic Fears – Silver Prices Rebound and USD continues to Slide

USD/JPY Chart

(Best Syndication News) Commodities jumped as jittery investors fled Wall Street Wednesday (see the forex and futures charts below). The precious metals played a hedge role against risk and possible future inflation.

Precious Metals

Gold futures picked up steam as risk was turned-on at the New York Stock Exchange (NYSE) Wednesday. The golden metal climbed nearly 13 dollars during the trading day (see the survey #2 settle price chart below). Since the settle, COMEX gold for April delivery added $6.70 to $1776.80 a troy ounce early Thursday.

The declining dollar and expectations that the Fed may implement another round of monetary easing could have triggered the buying. Some investors saw the metal as a safe-haven.

Silver dropped nearly 20 cents during Wednesday’s session. Since the close, March silver added 26 cents to hit $34.51 a troy ounce.

The ratio between gold and silver expanded to 51.7.

Europe dominated the news again Wednesday. Although an agreement has been reached between Greece and the European Union (EU), much still needs to be done by the Greek government to comply with the terms of the troika. Many of these conditions are unpopular with the Greek people.

Platinum and palladium prices also rose, despite the economic fears. Copper was lower.

Gold, silver, platinum, and palladium futures were all higher on the Tokyo Commodity Exchange (see the TOCOM chart below). Gold was up 74 yen (+1.64%) to ¥4,586 yen per gram during the night session.

Platinum prices were up even more. Platinum gained 138 yen (+3.18%) to ¥4,483 per gram.

Energy Prices

Crude oil usually slips during economic uncertainty, but despite the decline in stock prices on Wall Street Wednesday, light sweet crude oil added three cents on the New York Mercantile Exchange (NYMEX).

Since the settle, WTI crude oil fell two cents to $106.26 a barrel early Thursday.

Brent crude oil jumped to nearly $123 on the Intercontinental Exchange (ICE).

The difference between the two benchmarks expanded to $16.62.

Forex Trading and Currency Exchange Rates

The Swiss franc (CHF) gained broadly early Thursday as the British pound sterling (GBP) declined (see the cross tables below).

The U.S. dollar (USD) declined against most world currencies Wednesday (see the average chart below). The USD did advance 0.39 percent vs the GBP and just slightly vs the Canadian dollar (CAD), but slipped 0.39 percent vs the Australian dollar (AUD).

The greenback continued to decline vs the euro (EUR) and Japanese yen (JPY) throughout the day (see intraday chart below). The USD/JPY hit 80.15, the EUR/USD hit 1.3278, the GBP/USD hit 1.5695, the CAD/USD hit 0.9981, the USD/HKD hit 7.7557, and the AUD/USD hit 1.067.

By: Tom Madison
Business Reporter

TOCOM Chart with our exclusive dollar conversions:

2/22/2012 Tokyo Commodities Exchange One-Day One-Day Five-Day 30-Day 100-Day
Yen * Commodity Dollars ¥ Change % Change % Change % Change % Change
4,586 Gold (standard) $1,778.15 74 1.64% 5.23% 13.46% 14.54%
88.5 Silver $32.76 1 1.37% 6.37% 20.74% 16.29%
4,483 Platinum (standard) $1,738.21 138 3.18% 8.78% 23.19% 17.29%
1,856 Palladium $719.63 26 1.42% 7.59% 17.47% 19.97%
73,720 Gasoline $3.48 1,410 1.95% 5.71% 12.67% 22.48%
59,260 Crude oil $117.46 1,080 1.86% 6.11% 13.05% 24.76%
337.8 Rubber $1.91 5 1.38% 4.42% 23.78% 12.23%
51.82 Ratio Gold/Silver 0.14 6 0.26% -1.07% -6.03% -1.51%
* ¥ / 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
2/22/2012 Energy and Metal Settle $ Change % Change % Change % Change % Change
2252.00 Aluminum 3-mo LME 32.50 1.46% 2.09% 8.35% 0.40%
122.90 Brent crude (not settled) 2.85 2.37% 4.73% 8.49% 18.39%
60.37 Coal 0.54 0.90% 2.88% -9.67% -18.88%
3.83 Copper HG 0.00 -0.08% 0.50% 9.12% 18.08%
106.28 Crude oil (WTI) 0.03 0.03% 5.50% 3.95% 30.87%
2.20 Ethanol ZE CBOT 0.02 0.78% -0.54% -2.74% -13.14%
1771.30 Gold GC 12.80 0.73% 3.12% 8.57% 10.07%
3.27 Heating Oil (HO) 0.03 1.02% 3.40% 5.51% 16.11%
2.64 Natural gas NG HH 0.02 0.65% 4.38% -10.13% -30.43%
717.75 Palladium PA 7.00 0.98% 4.44% 13.09% 13.25%
1720.80 Platinum PL 35.90 2.13% 5.70% 17.67% 12.16%
3.09 RB RBOB Gasoline 0.02 0.57% 3.53% 11.36% 16.49%
34.25 Silver SI -0.18 -0.51% 2.72% 14.89% 13.67%
728.00 Steel Hot-Roll Coil 0.00 0.00% 0.00% -0.68% 9.47%
52.15 UxC Uranium U3O8 0.00 0.00% 0.00% -0.19% 0.19%
2/22/2012 Averages and Ratios Change One-Day 1 Week 30-Day 100-Day
380.6 Average All 4.22 1.12% 3.72% 10.09% 11.04%
716.7 Metals Average 9.25 1.31% 4.31% 12.74% 11.32%
43.0 Energy Average 0.50 1.18% 4.55% 2.50% 10.88%
51.7 Ratio Gold/Silver Prices 0.63 1.24% 0.39% -5.50% -3.17%
-50.5 Difference Plat-Gold 23.10 -31.39% -43.70% -70.14% -32.76%
1.03 Ratio Plat/Gold -0.01 -1.37% -2.44% -7.73% -1.87%
1.2 Ratio Brent / WTI Prices 0.03 2.35% -0.73% 4.37% -9.54%
$16.62 Difference Brent - CL 2.82 20.43% 0.06% 50.54% -26.46%

Average Dollar Rates:

Wednesday Average Surveys 1 - 3 % Change Day % Change Wk % Ch 30-Day Ch 100-Day
2/22/2012 Average 1US$ = Currency Pos=$US Gain Pos=$US Gain Pos=$US Gain Pos=$US Gain
0.9351 Average Against Aussie -0.39% -0.02% -3.69% -8.53%
0.7522 Average Against Euro € -0.50% -1.98% -4.33% 1.93%
80.1250 Average Against Yen ¥ 0.00% 2.33% 4.21% 4.76%
0.6365 Average Against Pound £ 0.39% -0.21% -2.47% -0.67%
0.9068 Average Against Franc -0.65% -2.08% -4.82% 0.83%
0.9973 Average Against Canadian 0.00% -0.47% -2.08% -4.04%
Average 1Currency = US$ Pos=$US Loss Pos=$US Loss Pos=$US Loss Pos=$US Loss
1.0694 Average Against Aussie 0.39% 0.02% 3.83% 9.33%
1.3294 Average Against Euro 0.50% 2.02% 4.52% -1.89%
0.0125 Average Against Yen 0.00% -2.27% -4.04% -4.54%
1.5711 Average Against Pound -0.39% 0.21% 2.54% 0.67%
1.1028 Average Against Franc 0.65% 2.12% 5.07% -0.82%
1.0027 Average Against Canadian 0.00% 0.47% 2.12% 4.21%

Intraday Chart:

Green = $ UP Intra-Day Trend Green = $ UP
Red = $ Down 2/22/2012 Survey 5A Survey 5B Survey 5C Red = $ Down
From Previous Time PT 12:00 AM 6:00PM 9:30PM Intra-Day
0.22% USD/JPY 80.22 80.22 80.15 -0.09%
-0.11% EUR/USD 1.3244 1.3245 1.3278 0.26%
-0.84% GBP/USD 1.5672 1.5663 1.5695 0.15%
0.36% CAD/USD 0.9994 0.9999 0.9981 -0.13%
-0.01% USD/HKD 7.7544 7.7552 7.7557 0.02%
-0.36% AUD/USD 1.0642 1.0624 1.067 0.26%
0.00% USD/CNY 6.296 6.2992 6.3005 0.07%

Cross Tables:

Survey 1 February 22 2012 6:00 PM
1 HKD 1 AUD 1 CAD 1 CHF 1 GBP 1 JPY 1 EUR 1 USD
USD $ 0.1289 1.0696 1.0023 1.1034 1.5715 0.0125 1.3297 -
EUR € 0.097 0.8044 0.7537 0.8298 1.1818 0.0094 - 0.752
JPY ¥ 10.3313 85.7039 80.3085 88.4159 125.922 - 106.548 80.1278
GBP £ 0.082 0.6806 0.6378 0.7022 - 0.0079 0.8461 0.6363
CHF franc 0.1168 0.9693 0.9083 - 1.4242 0.0113 1.2051 0.9063
CAD 0.1286 1.0672 - 1.101 1.568 0.0125 1.3267 0.9978
AUD 0.1205 - 0.937 1.0316 1.4693 0.0117 1.2432 0.9349
HKD 8.2955 7.7733 8.5581 12.1883 0.0968 10.3131 7.7558

One-Day Change:

Pos Means Top Currency Gained One Day Change February 22 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% 0.375% -0.070% 0.666% -0.355% 0.000% 0.461%
EUR € -0.411% -0.087% -0.541% 0.205% -0.814% 0.000% -0.463%
JPY ¥ -0.092% 0.293% -0.154% 0.586% -0.433% 0.380% -0.079%
GBP £ 0.244% 0.725% 0.283% 1.036% 0.000% 0.810% 0.347%
CHF -0.680% -0.298% -0.732% -1.015% -0.877% -0.207% -0.658%
CAD 0.000% 0.452% 0.741% -0.280% 0.806% 0.530% 0.080%
AUD $ -0.413% -0.446% 0.292% -0.723% 0.000% 0.089% -0.373%
HKD 0.385% -0.063% 0.679% -0.342% 0.103% 0.472% 0.012%

30-Day Change:

Pos Means Top Currency Gained 30- Day Change February 22 2012 6:00 PM
Survey 1 1 HKD 1 AUD 1 CAD 1 CHF 1 GBP 1 JPY 1 EUR 1 USD
USD 0.16% 3.84% 2.07% 5.13% 2.57% -3.85% 4.54%
EUR -4.15% -0.65% -2.37% 0.56% -1.88% -7.84% -4.35%
JPY 4.39% 8.23% 6.37% 9.57% 6.90% 8.95% 4.22%
GBP -2.38% 1.23% -0.48% 2.50% -7.06% 1.92% -2.51%
CHF -4.73% -1.22% -2.92% -2.43% -8.87% -0.56% -4.87%
CAD -1.91% 1.74% 3.00% 0.49% -5.30% 2.42% -2.02%
AUD -3.60% -1.72% 1.24% -1.22% -7.14% 0.66% -3.71%
HKD 3.68% 1.90% 4.96% 2.41% -4.16% 4.38% -0.16%

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