Gold and Silver Prices higher as Crude Oil continues to Rally

Oil Price Chart

(Best Syndication News) Gold and silver prices continued to gain throughout the weekend after a down-day on Friday (see the futures tables below). Inflation concerns waned after Fed Chairman Ben Bernanke spoke to Congress earlier in the week.

If the Federal Reserve planned more quantitative easy, prices could have risen higher Friday. The dollar slipped as stock prices retreated during Friday’s session. There was hope in the eurozone after the German Parliament approved the Greek bailout package.

Initial jobless claims were lower than expected as traders digested other positive economic news during the week. Consumer confidence increased in February and the U.S. gross domestic product (GDP) increased in the fourth quarter of 2011.

Precious Metals

Gold slipped again on Friday after an up-day on Thursday. There was a sharp four percent decline on Wednesday (see the survey #2 settle price chart below). Since the settle, April gold on the COMEX gained $3.90 to $1713.70 a troy ounce (early Monday in Asia).

Over the last week gold fell 3.75 percent, but the precious metal is still up 2.75 percent over the last 30-business days.

Silver fell 3.19 percent during Friday’s session. The commodity was down 2.3 percent on the week. The ratio between gold and silver was down to 49.5.

Platinum, palladium, and copper prices were all lower. Since Friday’s close, all three are higher.

Gold, platinum and palladium were all lower on the Tokyo Commodity Exchange (TOCOM). Gold fell 15 yen (-0.33%) to ¥4,505 per gram. See the TOCOM chart below for our exclusive dollar conversions.

Energy Prices

Light sweet crude oil (WTI) fell nearly two percent during Friday’s session (see the survey #2 settle price chart below). The April black gold advanced 56 cents to $107.26 per barrel since the session close.

Gasoline declined 2.37 percent last week, down three of the last five days.

Brent crude oil on the Intercontinental Exchange (ICE) fell two percent on Friday.

Two factors could work in favor of higher prices: Confidence that the European Union has worked out a second round of bailouts for Greece and tensions in the Persian Gulf, could increase the price of oil and gasoline worldwide.

Heating oil was lower but natural gas was higher on Friday.

Agricultural Commodities

Soybeans, corn and wheat prices on the CBOT were all higher Friday (see survey #1 price chart below). Wheat was up 1.66 percent (one-day change) while soybeans are 12.33 percent higher over the last 30 days.

Sugar and cocoa prices were higher while coffee declined on the CSCE (Coffee, Sugar and Cocoa Exchange).

Cotton was also lower on the NYCE.

Feeder cattle were higher, however lean hogs and live cattle futures were both lower.

By: Tom Madison
Business Reporter

TOCOM Chart with our exclusive dollar conversions:

3/2/2012 Tokyo Commodities Exchange One-Day One-Day Five-Day 30-Day 100-Day
Yen * Commodity Dollars ¥ Change Change Change Change Change
4,505 Gold (standard) $1,712.79 -15 -0.33% -2.47% 9.21% 11.29%
92.3 Silver $34.71 0 0.11% 0.33% 17.88% 21.61%
4,474 Platinum (standard) $1,701.01 -33 -0.73% 0.22% 17.61% 20.20%
1,872 Palladium $711.73 -14 -0.74% 1.79% 11.63% 27.78%
73,970 Gasoline $3.42 -390 -0.52% 0.33% 12.97% 23.08%
59,910 Crude oil $116.44 -450 -0.75% -0.32% 16.22% 26.82%
341.3 Rubber $1.89 -1 -0.23% 1.31% 11.86% 8.87%
48.81 Ratio Gold/Silver -0.22 6 -0.44% -2.79% -7.35% -8.48%
* ¥ / 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
3/2/2012 Energy and Metal Settle $ Change % Change % Change % Change % Change
2332.50 Aluminum 3-mo LME 0.00 0.00% 2.66% 5.21% 5.93%
123.65 Brent crude (not settled) -2.55 -2.02% -1.45% 12.55% 16.78%
59.25 Coal -1.42 -2.34% -4.56% -0.17% -19.17%
3.90 Copper HG -0.04 -0.92% 0.84% 4.02% 19.00%
106.70 Crude oil (WTI) -2.14 -1.97% -2.80% 8.51% 28.59%
2.26 Ethanol ZE CBOT 0.00 -0.18% 1.07% 6.00% -9.16%
1709.80 Gold GC -12.40 -0.72% -3.75% 2.75% 4.52%
3.20 Heating Oil (HO) -0.07 -2.24% -3.44% 7.14% 12.00%
2.48 Natural gas NG HH 0.02 0.85% -2.59% 6.02% -28.64%
710.80 Palladium PA -4.20 -0.59% 0.01% 5.28% 21.46%
1691.70 Platinum PL -9.40 -0.55% -1.36% 10.55% 13.61%
3.27 RB RBOB Gasoline -0.08 -2.37% 3.78% 17.52% 23.59%
34.53 Silver SI -1.14 -3.19% -2.30% 9.00% 11.40%
693.00 Steel Hot-Roll Coil 0.00 0.00% -4.81% -5.46% 4.21%
52.00 UxC Uranium U3O8 0.00 0.00% -0.29% -0.95% -0.95%
3/2/2012 Averages and Ratios Change One-Day 1 Week 30-Day 100-Day
371.2 Average All -2.39 -0.64% -2.51% 4.60% 9.74%
700.5 Metals Average -4.53 -0.64% -2.12% 6.20% 10.69%
43.0 Energy Average -0.89 -2.03% -2.51% 8.29% 9.93%
49.5 Ratio Gold/Silver Prices 1.23 2.55% -1.48% -5.73% -6.17%
-18.1 Difference Plat-Gold 3.00 -14.22% -70.47% -86.46% -87.67%
1.01 Ratio Plat/Gold 0.00 -0.17% -2.42% -7.05% -8.00%
1.2 Ratio Brent / WTI Prices 0.00 -0.06% 1.38% 3.72% -9.18%
$16.95 Difference Brent - CL -0.41 -2.36% 7.96% 47.01% -25.98%

Survey #1 Chart:

Friday Survey #1 One-Day One-Day 1 Week 30-Day 100-Day
3/2/2012 Commodity $ Change % Change % Change % Change % Change
19,750.00 Nickel 3-mo B 0.00 0.00% -2.18% N/A N/A
2,105.00 Zinc 3-mo B 0.00 0.00% 2.23% N/A N/A
2,332.50 Aluminum 3-mo B 0.00 0.00% 2.66% 5.21% 5.93%
123.65 Brent Crude -2.55 -2.02% -1.45% 12.55% 18.72%
2,338.00 Cocoa 5.00 0.21% -1.23% 2.63% -11.27%
201.25 Coffee -1.75 -0.86% -1.37% -10.56% -10.73%
3.9075 Copper -0.01 -0.24% 0.97% 4.31% 18.09%
653.5 Corn X 100 0.75 0.11% 1.63% 6.52% 8.46%
88.23 Cotton -1.20 -1.34% -2.41% -10.52% -13.48%
598 CRB Com Index -2.00 -0.33% -0.33% 3.46% 4.45%
106.5 Crude oil -1.49 -1.38% -2.85% 8.45% 30.28%
161.7 Feeder cattle 3.12 1.97% 2.55% 5.10% 13.59%
1,711.50 Gold GC -4.50 -0.26% -3.73% 3.23% 3.10%
90.35 Lean hogs -0.25 -0.28% 0.56% 3.16% 0.95%
130 Live cattle -1.03 -0.79% 0.12% 1.72% 6.97%
2.58 Natural gas -0.01 -0.39% -7.86% 8.40% -25.86%
190.6 Orange juice 2.25 1.19% 4.12% -9.52% 23.45%
717 Palladium 0.00 0.00% 0.77% 5.60% 21.58%
1,699.50 Platinum -7.50 -0.44% -0.82% 10.49% 13.67%
34.78 Silver SI -0.46 -1.31% -1.75% 10.66% 11.37%
1,330.50 Soybeans X 100 9.25 0.70% 3.42% 12.33% 14.45%
25.05 Sugar 0.18 0.72% -0.67% 0.85% -0.79%
3.1602 Unleaded gasoline -0.02 -0.68% 0.40% 13.45% 19.08%
673.5 Wheat X 100 11.00 1.66% 4.91% 9.87% 10.59%
3/2/2012 Commodity Type Change One-Day 1 Week 30-Day 100-Day
600.85 Average (All) -Alum 0.51 0.09% 0.35% 5.52% 4.77%
58.97 Energy -1.02 -1.70% -2.14% 10.63% 22.84%
127.35 Livestock * 0.61 0.48% 1.24% 3.47% 7.61%
687.58 Agricultural 3.19 0.47% 1.09% 4.81% -0.28%
833.34 Metals Minus Aluminum -2.49 -0.30% -1.78% 6.56% 10.25%
0.09 Daily % Change (All) -Alum 0.20 -174.05% -51.86% -217.59% -110.15%

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