SPDR Gold Trust (ETF), NYSE:GLD, iShares Silver Trust (ETF), NYSE:SLV, United States Oil Fund LP (ETF), NYSE:USO NYSE:USO, NYSE:SLV, NYSE:USO Paul Ebeling Gold Silver and Oil Research

Gold rises for 3rd day running

Gold futures on the COMEX Division of the New York Merc closes higher Wednesday, marking the 3rd straight rise this week. Concerns over the European sovereign debt crisis, and increasing demands for physical Gold continued to support the market.

The most active Gold contract for Feb delivery gained 1.5, or 0.1%, to close at 1,385.8 oz.

Market traders said that although the concerns over Portugal's debt problem were temporarily eased after the country successfully auctioned off its bonds Wednesday, players bought up Gold at the day's lower prices and the price rose on the action.

Physical dealers said Gold could rise further as demand from jewelers and investors picked up in India and China, leading to tighter stocks for Gold bars in Singapore and Hong Kong.

In India, jewelers stocked up ahead of the harvest season in the middle of January.

Analysts said that Gold imports in India are likely to jump 64% to 500-550 metric tons in Y 2011, driven by investment purchases, and worries about inflation in China, the World's 2nd largest Gold consumer after India, drove investors to Bullion, while purchases from jewelers also increased before the Lunar New Year in early February.

Silver futures for Mar delivery closed up 4.6c, or 0.16%, to 29.545 oz., and Apr Platinum also rose 30.8 to 1,801.1 oz on the day.

US Crude Oil futures prices rose Wednesday after the US government reported a larger-than- expected drop in Crude Oil supplies.

The US Energy Department reported the country's commercial oil supplies fell by 2.2M bbls to 333.1M bbls last week, more than the previous estimate of a decline of 0.3M bbls.

Demand for Crude Oil has remained strong in emerging markets, particularly in Asia. Shayne and I expect the price to Top 97+ bbl, and perhaps push toward 100 bbl in the coming weeks.

Light, sweet crude for February delivery rose 75 cents to 91.86 U.S. dollars a barrel on the New York Mercantile Exchange.