Gold & silver plummeted; erased all of last week’s gains –August 24

Gold and silver prices fell very sharply yesterday and thus erased all their gains from the past week and a half; these falls were the sharpest for gold price in 2011 and the steepest for silver price since May 5th 2010; crude oil prices didn’t change much with WTI slightly falling and Brent oil price slightly rising; natural gas spot price (Henry Hub) inclined again.

Here is a summary of the price movements of precious metals and energy commodities for August 24th:

Precious Metals prices:

Gold price sharply declined yesterday by 5.59% to $1,757 – a similar price it was at back in August 15th; Silver price also sharply fell by 7.39% to $39.20. During August, gold prices increased by 7.7%, but silver price fell by 2.3%.

The EURO to US Dollar exchange rate continues to zigzag as it moderately declined yesterday by 0.19% – i.e. the USD appreciated against the EURO. During August, the EURO to US Dollar slightly rose by 0.11%.

Oil and Gas prices:

WTI Spot oil price declined by 0.34%; it settled at $84.98 per barrel; during August, the WTI spot oil price declined by 11.2%. Brent spot price on the other hand rose by 0.26% to $110.59 per barrel.

Due to these changes, the difference between Brent and WTI inclined to $25.61/bbl.

Natural gas Henry Hub future price (September delivery) decreased by 1.75% to $3.92/mmbtu. The Henry Hub spot price rose by 2% to $4.09/mmbtu; the gap between the spot and future price widened to -$0.17, i.e. backwardation. During August, natural gas spot price (Henry Hub) fell by 4%.

A summary of yesterday’s Prices Changes:

The table below includes: closing prices, daily percent change, and change in prices and indexes in US dollars (except for USD/CAD, in which the change is in Canadian dollars):

Current Gold price and Silver prices Crude spot oil prices, Natural gas spot price 2011 August 24


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