New York silver, gold and platinum lost a part of their recent gains Friday, as oil tumbled and the U.S. dollar and stocks rallied with Federal Reserve Chairman Ben Bernanke’s calming inflation comments.

After three straight session gains, October crude-oil fell sharply by 5.4% or $6.59 to close to $114.59 a barrel. Its one-day percentage loss was the biggest since 2004.

Silver for September dropped 15 cents to close to $13.48 an ounce.

October platinum lost $17.60 to end at $1,451.20 an ounce — a 1.2% decrease.

December gold closed down $5.50 to $833.50 an ounce.

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New York gold poked its head out of an eight day dark hole Wednesday only to jump back into it Thursday by dropping its previous day’s gain. Silver and platinum were also daily losers as investors eyed declining oil prices and a strong US dollar.

September crude-oil lost 99 cents from its Wednesday $2.99 gain to close at $115.01 a barrel.

Silver for September lost 61.5 cents to end at $14.23 an ounce.

October platinum fell $27.40 to close at $1,489.10 an ounce.

December gold shed $17 to close at $814.50 an ounce. It reached an earlier low point of $810.

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US inflation has hit its highest point in 17 years with a rise of 5.6% over the past year according to the Bureau of Labor Statistics. The 1913-2008 Inflation Calculator and rate charts show inflation’s jump using the government’s latest Consumer Price Index (CPI) figures.

By entering any two dates from 1913-2008 and then a dollar amount, the CoinNews Inflation Calculator measures the change in the buying power of the dollar over time. At the same time, it charts plot historical annual averages for rate of inflation, and rates of inflation.

Inflation rates climb in July

Consumer prices jumped 0.8 percent in July, which was twice the level economists had expected. The rise compares to an increase of 1.1 percent in June followed by a 0.6 percent rise in May. Over the last year, the inflation rate has hit its highest point in 17 years.

The core CPI, which excludes volatile food and energy costs, rose by 0.3 percent. The food index rose 0.9 percent in July after rising 0.8 percent in June.

What’s the real world meaning of these figures? The CoinNews Inflation Calculator can provide some insights.

Inflation Calculator examples

Using the calculator, anyone can determine the purchasing power of the dollar over time. A few examples after adjusting for inflation:

• An item purchased in 1913 for $1 would now cost $22.22 (up 12 cents from June numbers)
• An item purchased in 1950 for $10 would now cost $91.27 (up 48 cents from June numbers)
• An item purchased for $20 in 1985 would now cost $40.89 (up 22 cents from June numbers)

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New York gold and silver fell Tuesday following a decline in oil prices and strength from the U.S. dollar. Platinum recovered some of its Monday losses.

Oil lost more than $2 to close to $118 a barrel. Reuters’ Jan Harvey wrote that traders "focused on rising OPEC supply and easing demand in the United States and Europe."

Silver plunged 57 cents to close to $16.57 an ounce.

Platinum bucked the general commodities sell off and finally posted positive ground, gaining $21.50 to end at $1,584.50 an ounce.

Gold lost $21.80 to end the day at $886.10 an ounce. Its intraday high was $903.90.

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New York gold was driven lower during an earlier sell-off Wednesday, but recovered some of its losses to close above $900 an ounce after the US dollar showed weakness. A late oil rally and reduced inflation fears also lent support for the yellow metal.

Oil gained $4.58 to close at $126.77 a barrel.

Silver gained the 9 cents it lost yesterday to close to $17.47 an ounce.

Platinum lost $7.30 to end at $1,738.10 an ounce. Goldman Sachs and Standard Chartered cut their platinum price forecasts for this year and next, lowering their expectations by $200-300 from previous forecasts.

Gold recovered from an intraday low of $895.20, closing to $902.90 an ounce for a loss of $13.60.

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Just last week Zimbabwe released $100 billion notes in an attempt to fight inflation. But the new banknote on the day it hit the street wasn’t enough to buy a loaf of bread. Today, reports say it will take $200 billion to buy that loaf, and $600 billion to buy a can of Coke.

While Americans may be feeling an increased change in the value of its dollar due to inflation (see inflation calculator for examples), it’s nothing compared to the Zimbabwe 2,200,000% inflation rate.

It’s the world’s highest, and in an attempt to change that, Zimbabwe will now slash ten zeros from currency, making $10 billion a revalued one dollar.

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New York silver, gold and platinum continued their slide downward Wednesday following lower crude-oil prices, and moving opposite of the US dollar.

Oil was below $125 a barrel, mellowing inflation worries. The dollar gained against the euro.

Silver lost 54 cents to $17.46 an ounce.

Platinum continued its free fall, dropping to $1,760.80 an ounce for a daily loss of $47.40.

Gold closed to $922.80, losing $25.70 for the day. It’s lowest intraday mark was $922 an ounce.

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The U.S. public may be feeling a pinch of inflation’s rise, but it’s nothing compared to the stranglehold it has on Zimbabweans. On Saturday, the Zimbabwe’s Central Bank issued a new Z$100 billion banknote to try and combat the severe shortages of money.

How much will the new note buy? According to CNN and BBC reports, its not enough for lunch or, for that matter, a loaf of bread. Apparently, it is sufficient — at least for now — to purchase four oranges.

Zimbabwe is stricken by severe hyperinflation that some news agency’s have reported as high as 2,200,000% — the Zimbabwean government stopped providing figures long ago. Contrast that to an already outrageously high of 50,000 percent reported back in January when the central bank issued new $10 million notes.

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The 1913-2008 Inflation Calculator and rate charts show inflation’s jump with today’s latest Consumer Price Index (CPI) figures released by the U.S. Department of Labor Bureau of Labor Statistics.

By entering any two dates and a dollar amount, the CoinNews Inflation Calculator measures the change in buying power over time. At the same time, it charts plot historical annual averages for rate of inflation, and annual percent changes for rate of inflation. The numbers and charts reflect the June rise in inflation.

Inflation rates jump in June

Consumer prices jumped 1.1 percent in June compared to increases of 0.6 percent in May and 0.2 percent in April. It was the second highest rise since 1982 and much higher than the 0.7 percent increase Wall Street economists expected.

The core CPI, which excludes volatile food and energy costs, rose by 0.3 percent. That was 0.1 percent higher than many expected.

The index for fuel oil rose 10.4 percent in May and soared 64 percent over the 12 months. The gasoline index rose 5.7 percent in May and surged 20.8 percent on a year-over-year basis.

In other June numbers, food and beverages rose 0.7 percent, natural gas rose 4.9 percent, energy prices jumped 6.6 percent, and gasoline prices soared by 10.1 percent.

What’s the real world meaning of these figures? The CoinNews Inflation Calculator can provide many insights.

Inflation Calculator examples

Using the calculator, anyone can determine the purchasing power of the dollar over time. A few examples after adjusting for inflation:

• An item purchased in 1913 for $1 would now cost $22.10 (up $0.22 from May numbers)
• An item purchased in 1950 for $10 would now cost $90.79 (up $0.90 from May numbers)
• An item purchased for $20 in 1985 would now cost $40.67 (up $0.40 from May numbers)

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The CoinNews Inflation Calculator and rate charts have been updated with latest 2008 Consumer Price Index (CPI) figures released today, June 13, by the U.S. Department of Labor Bureau of Labor Statistics.

The CoinNews Inflation Calculator may be used to measure the change in buying power of the dollar between 1913-2008. The charts graph historical annual averages for rate of inflation, and annual percent changes for rate of inflation.

U.S. Bureau of Labor Statistics May CPI inflation data

The Consumer Price Index, a measure of the average price changes for goods and services, rose 4.2% through the 12 months ended in May, according to the Labor Department. The overall CPI rose 0.6 percent in May compared to April’s 0.2 percent, and was 0.1 percent higher than many analysts expected.

Excluding volatile food and energy costs, the core CPI rose just 0.2 percent, and was inline with most expectations.

The index for fuel oil rose 10.4 percent in May and soared 64 percent over the 12 months. The gasoline index rose 5.7 percent in May and surged 20.8 percent on a year-over-year basis.

What’s the real world meaning of some of these figures? The figures can not reflect reality, like the pain at the gas pump, but the CoinNews Inflation Calculator can provide some insights.

Examples of the Inflation Calculator

Using the calculator, anyone can determine the purchasing power of the dollar over time. A few examples after adjusting for inflation:

• An item purchased in 1913 for $1 would now cost $21.88 (up $0.18 from April numbers)
• An item purchased in 1950 for $10 would now cost $89.89 (up $0.75 from April numbers)
• An item purchased for $20 in 1985 would now cost $40.27 (up $0.34 from April numbers)

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