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Gold and Oil Prices Slide after the session close – USDJPY and EURUSD lower

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Light Sweet Crude Oil Graph

(Best Syndication News) Gold and oil prices are falling early Friday as the dollar added value (see the forex and futures charts below). Metal and energy prices were on a different track yesterday, pushing higher during Thursday’s session.

An apparent erroneous report that a Saudi Arabian oil pipeline was on fire sent crude oil prices higher until Saudi officials denied the story. Analysts still worry that oil could breach the $120 mark putting the economy in peril of a downturn. On Friday the focus will turn back to Iran and the tensions brewing between the Persian country and the Western World.

Equity markets were higher on Thursday as positive economic news came in from the government. Initial jobless claims were lower than expected. The Labor Department said that there were 351,000 initial claims last week. That figure is below the previous week’s number of 353,000 and well below analyst expectations of 355,000.

European leaders are meeting in Brussels Friday to sign a fiscal treaty. Only two of the 27 nations abstained from the vote. The United Kingdom and the Czech Republic refused to accept the pact that would limit government spending and may even require some austerity measures in some countries.

Precious Metals

Gold prices rebounded slightly on Thursday after a sharp decline on Wednesday. Some blame the decline on the testimony of Federal Reserve Chairman Ben Bernanke; others say some “fat fingers” may have made an error.

COMEX gold was up nearly $11 on Thursday, but since the settle April delivery fell $13.70 to $1708.50 a troy ounce (see the survey #2 settle price chart below).

Silver gained 2.94 percent on Thursday. Since the session close, the price of May silver slipped 68 cents to $34.98 an ounce.

Platinum, palladium, and copper were also higher.

Precious metals were higher on the Tokyo Commodity Exchange (TOCOM) during the daytime session Friday. Gold climbed 41 yen (+0.92%) to ¥4,520 per gram. See the TOCOM chart below for our exclusive dollar conversions.

Energy Prices

Light sweet crude oil (WTI) climbed 1.65 percent Thursday, but since the settle, April NYMEX (New York Mercantile Exchange) oil dropped 64 cents to $108.20 a barrel.

Brent crude oil on the Intercontinental Exchange (ICE) added 2.89 percent to $126.20 a barrel.

Gasoline added nine cents during the session; however April gas fell four cents to $3.313 per gallon. Natural gas was lower again while heating oil added value.

Forex Trading

The Swiss franc (CHF) declined against all major currencies while the U.S. dollar (USD) gained (see the cross tables below).

The USD slipped slightly vs the Australian (AUD) and Canadian dollar (CAD). The greenback gained against the other major currencies (see the average chart below). The USD gained 0.91 percent vs the euro (EUR), 0.41 percent vs the Japanese yen (JPY), and 0.49 percent vs the British pound sterling (GBP).

The dollar began to slide against the JPY later in the day (see the intraday chart below). The USD/JPY hit 81.04, the EUR/USD hit 1.3326, the GBP/USD hit 1.5946, the CAD/USD hit 0.9864, the USD/HKD hit 7.7559, the USD/CNY hit 6.3002, and the AUD/USD hit 1.0775.

By: Tom Madison
Business Reporter

TOCOM Chart with our exclusive dollar conversions:

3/1/2012 Tokyo Commodities Exchange One-Day One-Day Five-Day 30-Day 100-Day
Yen * Commodity Dollars ¥ Change % Change % Change % Change % Change
4,520 Gold (standard) $1,733.75 41 0.92% -2.31% 9.95% 10.30%
92.2 Silver $34.94 3 3.25% 0.99% 22.93% 17.45%
4,507 Platinum (standard) $1,728.77 72 1.62% 0.67% 19.04% 18.89%
1,886 Palladium $723.42 49 2.67% 1.40% 12.06% 25.48%
74,360 Gasoline $3.47 1,450 1.99% -0.44% 13.15% 22.99%
60,360 Crude oil $118.35 1,100 1.86% -0.08% 15.54% 27.50%
342.1 Rubber $1.91 3 0.77% 0.65% 11.98% 8.53%
49.02 Ratio Gold/Silver -1.13 6 -2.26% -3.27% -10.56% -6.09%
* ¥ / gram kiloliter and kilogram PST - conversions to $ / ounce barrel or gallon

Survey #2 Settle Price Chart:

Thursday Survey # 2 (BSNCOM2) One-Day One-Day 1 Week 30-Day 100-Day
3/1/2012 Energy and Metal Settle $ Change % Change % Change % Change % Change
2332.50 Aluminum 3-mo LME -8.50 -0.36% 2.66% 5.45% 5.93%
126.20 Brent crude (not settled) 3.54 2.89% 2.09% 14.04% 19.36%
60.67 Coal 0.00 0.00% -1.75% 1.03% -17.07%
3.93 Copper HG 0.05 1.34% 3.30% 3.45% 21.10%
108.84 Crude oil (WTI) 1.77 1.65% 0.94% 8.26% 31.78%
2.26 Ethanol ZE CBOT 0.00 0.18% 2.44% 6.24% -9.15%
1722.20 Gold GC 10.90 0.64% -3.59% 4.09% 4.17%
3.28 Heating Oil (HO) 0.07 2.16% -0.59% 7.88% 14.48%
2.46 Natural gas NG HH -0.15 -5.85% -6.03% 6.07% -31.55%
715.00 Palladium PA 8.35 1.18% -0.47% 5.48% 19.54%
1701.10 Platinum PL 8.50 0.50% -1.27% 12.21% 13.12%
3.35 RB RBOB Gasoline 0.09 2.90% 7.65% 44.35% 24.78%
35.66 Silver SI 1.02 2.94% 0.30% 16.89% 11.42%
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%
3/1/2012 Averages and Ratios Change One-Day 1 Week 30-Day 100-Day
373.6 Average All 2.44 0.66% -2.27% 5.67% 9.39%
705.0 Metals Average 4.80 0.69% -2.07% 7.49% 10.07%
43.9 Energy Average 0.76 1.76% 0.86% 9.25% 12.43%
48.3 Ratio Gold/Silver Prices -1.11 -2.24% -3.87% -10.95% -6.51%
-21.1 Difference Plat-Gold -2.40 12.83% -66.67% -84.77% -85.88%
1.01 Ratio Plat/Gold 0.00 0.13% -2.35% -7.23% -7.91%
1.2 Ratio Brent / WTI Prices 0.01 1.21% 1.14% 5.35% -9.43%
$17.36 Difference Brent - CL 1.77 11.35% 9.94% 71.54% -24.98%

Average Dollar Chart:

Thursday Average Surveys 1 - 3 % Change Day % Change Wk % Ch 30-Day Ch 100-Day
3/1/2012 Average 1US$ = Currency Pos=$US Gain Pos=$US Gain Pos=$US Gain Pos=$US Gain
0.9287 Average Against Aussie 0.00% -0.79% -3.25% -7.47%
0.7565 Average Against Euro € 0.91% 1.77% -1.94% 3.08%
81.4651 Average Against Yen ¥ 0.41% 0.29% 5.73% 6.15%
0.6305 Average Against Pound £ 0.49% 0.04% -2.31% -1.49%
0.9125 Average Against Franc 0.98% 1.85% -2.14% 0.93%
0.9876 Average Against Canadian -0.07% -1.32% -2.46% -4.00%
Average 1Currency = US$ Pos=$US Loss Pos=$US Loss Pos=$US Loss Pos=$US Loss
1.0767 Average Against Aussie 0.00% 0.79% 3.36% 8.07%
1.3219 Average Against Euro -0.90% -1.74% 1.98% -2.99%
0.0123 Average Against Yen -0.41% -0.29% -5.42% -5.80%
1.5860 Average Against Pound -0.48% -0.04% 2.37% 1.52%
1.0959 Average Against Franc -0.97% -1.82% 2.19% -0.92%
1.0126 Average Against Canadian 0.07% 1.34% 2.52% 4.17%

Intraday Chart:

Green = $ UP Intra-Day Trend Green = $ UP
Red = $ Down 2/29/2012 Survey 5A Survey 5B Survey 5C Red = $ Down
From Previous Time PT 12:00 AM 6:00PM 9:30PM Intra-Day
0.71% USD/JPY 81.16 81.26 81.04 -0.15%
-0.91% EUR/USD 1.3339 1.3329 1.3326 -0.10%
-0.10% GBP/USD 1.5922 1.5923 1.5946 0.15%
-0.34% CAD/USD 0.9886 0.989 0.9864 -0.22%
0.02% USD/HKD 7.7561 7.7559 7.7559 0.00%
-0.48% AUD/USD 1.0765 1.0733 1.0775 0.09%
0.00% USD/CNY 6.2935 6.2935 6.3002 0.11%

Cross Tables:

Survey 1 March 1 2012 6:00 PM
1 HKD 1 AUD 1 CAD 1 CHF 1 GBP 1 JPY 1 EUR 1 USD
USD $ 0.1289 1.0768 1.0127 1.0959 1.5861 0.0123 1.3221 -
EUR € 0.0975 0.8145 0.7659 0.8289 1.1997 0.0093 - 0.7564
JPY ¥ 10.5088 87.8042 82.5716 89.3593 129.334 - 107.804 81.5395
GBP £ 0.0813 0.6789 0.6384 0.6909 - 0.0077 0.8335 0.6305
CHF franc 0.1176 0.9826 0.924 - 1.4473 0.0112 1.2064 0.9125
CAD 0.1273 1.0634 - 1.0822 1.5663 0.0121 1.3056 0.9875
AUD 0.1197 - 0.9404 1.0177 1.473 0.0114 1.2278 0.9287
HKD 8.3553 7.8574 8.5033 12.3073 0.0952 10.2585 7.7592

One-Day Change:

Pos Means Top Currency Gained One Day Change March 1 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% -0.037% -0.039% -1.030% -0.458% 0.000% -0.951%
EUR € 0.932% 0.929% 0.909% -0.084% 0.494% 1.087% 0.961%
JPY ¥ 0.490% 0.504% 0.494% -0.501% 0.076% -0.419% 0.533%
GBP £ 0.494% 0.429% 0.409% -0.576% 0.000% -0.501% 0.462%
CHF 1.031% 1.007% 0.995% 0.577% 0.901% 0.083% 1.041%
CAD 0.000% 0.009% -0.988% -0.420% -0.820% -0.903% 0.041%
AUD $ 0.000% -0.011% -1.002% -0.426% 0.000% -0.912% 0.032%
HKD 0.013% 0.004% -0.986% -0.411% -0.418% -0.904% 0.044%

30-Day Change:

Pos Means Top Currency Gained 30- Day Change March 1 2012 6:00 PM
Survey 1 1 HKD 1 AUD 1 CAD 1 CHF 1 GBP 1 JPY 1 EUR 1 USD
USD 0.08% 3.39% 2.53% 2.18% 2.39% -5.38% 1.99%
EUR -1.91% 1.37% 0.53% 0.18% 0.38% -7.00% -1.94%
JPY 5.76% 9.32% 8.41% 8.04% 8.26% 7.84% 5.73%
GBP -2.28% 0.98% 0.13% -0.20% -8.33% -0.39% -2.32%
CHF -2.08% 1.18% 0.34% 0.20% -7.44% -0.18% -2.13%
CAD -2.45% 0.83% -0.34% -0.14% -7.63% -0.53% -2.47%
AUD -3.23% -0.83% -1.17% -0.96% -8.80% -1.35% -3.27%
HKD 3.36% 2.51% 2.16% 2.37% -5.37% 1.97% -0.02%

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