BS:Futures and Commodities – Gold and Silver Prices Falter while Oil futures Rebound
(Best Syndication News) Silver and gold prices stalled in New York and Asia on Tuesday (see commodities and futures tables below). In Tokyo gold advanced five of the last six days while in the United States the precious metal advanced six days straight.
Precious Metals
“Remember on August 23, 2010 gold was $1,226”, said Michael Fuljenz of Universal Coin & Bullion in Beaumont, Texas. “Not bad for a year despite today’s pullback and a lot better than the Dow, S&P and NASDAQ”.
December gold on the COMEX declined $30.60 (-1.62%) to $1,861.30 a troy ounce (see survey #2 settle price chart below). The golden metal is still 4.07 percent higher for the week.
Investors gained confidence as traders shifted from rainy-day investments to equities. The Dow Jones Industrial Average, which was up 2.97 percent today, is still down 2.01 percent for the week (last 5-days).
Silver futures for September delivery fell $1.03 (-2.39%) to $42.29 an ounce.
October platinum on the New York Mercantile Exchange (NYMEX) fell $25.60 (-1.34%) to $1,880.10 an ounce.
Gold and silver futures declined on the Tokyo Commodity Exchange (TOCOM). Gold futures for June 2012 delivery fell 129 yen (-2.76%) to ¥4,540 a gram (see TOCOM chart below). Silver prices fell four yen (-4.11%) to ¥102.7. For the dollar per ounce conversions see the table below.
Energy Prices
The same forces that drove-down gold and silver pushed oil in New York higher. Brent crude, which has been more expensive than West Texas Intermediate (WTI) crude recently, fell while WTI advanced.
September light sweet crude (WTI) on the NYMEX, which has less sulfur than Brent crude, traded for $85.44 a barrel, up $1.02 (1.21%).
Brent crude on the Intercontinental Exchange (ICE) declined 26 cents (-0.24%) to $108.36 a barrel.
