Oil And Gold Analysis:

CL
Crude oil swung between gains and losses as U.S. crude inventories declined and retail sales increased more than forecast last month in the world’s biggest oil consumer. Futures were little changed in New York after advancing 0.9 percent yesterday. Crude stockpiles shrank by 4.14 million barrels last week, the industry-funded American Petroleum Institute said. An Energy Information Administration report today may show supplies slid by 1.3 million, according to a Bloomberg News survey. Retail purchases rose 0.2 percent in December, the Commerce Department reported, surpassing the 0.1 percent gain projected by economists in a separate survey. WTI for February delivery was at $92.58 a barrel, down 1 cent, in electronic trading on the New York Mercantile Exchange at 10:50 a.m. Sydney time. The contract rose 79 cents to $92.59 yesterday. The volume of all futures traded was about 75 percent below the 100-day average.


GOLD
China Gold Says Allied Nevada Bid Announced in Error. China Gold Stone Mining Development Ltd., a Chinese company that announced a $779.6 million offers for U.S. miner Allied Nevada Gold earlier today, said the statement was published in error and was retracted. The statement about a $7.50-a-share bid was issued “without the advice of counsel,” closely held China Gold Stone said in a separate release posted on the website of PR Newswire. The stock gained as much as 52 percent to $6.55 in pre-market trading in New York before the company halted trading. Allied Nevada received a letter from China Gold Stone yesterday, which included the proposed offer, the Reno, Nevada-based company said in a statement today. Allied Nevada “seriously questions the credibility” of the bid and said that investors should review the Chinese company’s announcements with caution.