Having said that, an index of gold stocks has outperformed a comparable oil index (OSX) over the past 12 months.
The three exact charges hone in on hindering the free flow of gas across EU member states, preventing countries from diversifying their gas supplies and imposing unfair prices on its customers by insisting on oil index contracts.
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Both strategies will not perfectly track the crude oil spot index regardless.
The underlying Solactive Global Oil Equities Index tracks the performance of 25 equal-weighted companies that have shown a high correlation to the spot price of oil.
Two others have exposure to oil futures: iPath Goldman Sachs (nyse: GS - news - people ) Crude Oil Total Return Index Exchange Traded Note and PowerShares Deutsche Bank (nyse: DB - news - people ) Oil Fund.
When you look at the Consumer Price Index, perhaps 20 percent is tied to oil and food so the inflation in the index must work higher.
The overall postures of the U.S. dollar index and crude oil remain underlying bearish factors for the raw commodity sector.
FORBES: Comex Gold Ends Modestly Up on Chart Consolidation; Bulls Still Have Some Momentum
The U.S. dollar index and crude oil will continue to have at least some daily influence over the precious metals markets.
Look for the precious metals markets to react if either the dollar index or crude oil prices make a bigger move Friday.
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How gold and silver react to the report will depend on how the U.S. dollar index and crude oil react to the data.
FORBES: A.M. Kitco Metals Roundup: Comex Gold Trades Near Steady As U.S. Jobs Data Awaited
However, a stable U.S. dollar index and crude oil prices hitting a fresh six-month low Monday did limit the upside in the precious metals.
FORBES: Comex Gold, Silver End Firmer on Safe-Haven Investment Demand
The U.S. dollar index and crude oil will remain two important outside market forces that will have a daily impact on the precious metals markets.
FORBES: Comex Gold Sees Corrective Bounce Amid Mildly Bullish "Outside Markets"
The precious metals continue to be influenced by key outside markets that include the U.S. dollar index, crude oil and the U.S. and European stock indexes.
FORBES: Comex Gold Ends Near Steady As Bargain Hunters Step In to Buy Weakness
As of March 10, 2011, the three largest components of the index were Forest Oil Corp. ( FST), Newfield Exploration Co. ( NFX), and Apache Corp ( APA).
Look for a more active trading day in many markets on Thursday, due to the EU situation and the big moves Wednesday in the U.S. dollar index and crude oil.
FORBES: Comex Gold, Silver End Near Unchanged on Conflicting Market Forces
The yellow metal was supported by a weaker U.S. dollar index and higher crude oil prices.
FORBES: Comex Gold Ends Firmer On Weaker U.S. Dollar, Higher Crude Oil
Platinum was higher early Wednesday even when stock-index futures, crude oil and the euro were lower.
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Gains in gold are being curtailed by a firmer U.S. dollar index and lower crude oil prices.
However, in late-morning trading the dollar index faded and crude oil moved higher.
Buying interest was limited by bearish outside markets that included a firmer U.S. dollar index and weaker crude oil prices.
The market is supported by bullish outside market forces that include a weaker U.S. dollar index and firmer crude oil prices.
FORBES: A.M. Kitco Metals Roundup:Gold Higher on Bullish Outside Markets, Some Safe-Haven Interest
However, a stronger U.S. dollar index and lower crude oil prices are bearish outside market forces working against the precious metals Friday morning.
FORBES: A.M. Kitco Metals Roundup: Gold Sees Upside Bounce on Short Covering, Bargain Hunting
The bearish forces of a firmer U.S. dollar index and lower crude oil prices trumped safe-haven investor demand due to weaker world stock markets Tuesday.
FORBES: Comex Gold Ends Sharply Lower amid Firmer U.S. Dollar Index, Weaker Crude Oil
The precious yellow metal is seeing some buying interest come from bargain hunters and from a lower U.S. dollar index and higher crude oil prices.
FORBES: Comex Gold Trades Near Steady As Market Consolidates
The precious metals saw fresh selling pressure coming from a stronger U.S. dollar index and weaker crude oil prices, following an unimpressive market place assessment of the just-completed European Union summit.
FORBES: Comex Gold Ends Sharply Lower as Fresh Near-Term Technical Damage Inflicted
In the end, however, the gold and silver markets saw selling pressure intensify amid bearish outside market forces that included a sharply higher U.S. dollar index and lower crude oil prices.
Gold and silver got a boost from a weaker U.S. dollar index and firmer crude oil prices, and from the bullish implications of the U.S. central bank printing more money in the coming months.
Gold had seen some intensified technical selling pressure early this week, but on Tuesday the key outside markets turned bullish for gold and silver (lower U.S. dollar index, firmer crude oil prices), which brought at least a temporary halt to the downside price pressure on the precious metals.
Whereas big swings in oil prices usually reflect supply shocks, and precious metals are often seen as a safe haven in times of crisis, The Economist's commodity price index (which excludes oil and precious metals) has traditionally been a fairly good leading indicator of turning-points in global industrial output.
ECONOMIST: The prices of most raw materials have been surging
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