Gold and Silver Tumbled Down on Wednesday–Recap May 16th

The recent news from Greece is that there will be elections on June 17th. The housing starts rose by 2.6% in April. This news along with the recent developments in Europe may have been among the factors to further drag down gold and silver prices.  Crude oil price (WTI) also fell; natural gas future hiked again. The Euro also slipped again against the USD. Other exchange rates also fell against the USD such as Aussie dollar.

Here is a summary of the daily developments in precious metals and energy commodities for May 16th, 2012:

Precious Metals:

Gold plummeted by 1.32% to $1,536.6; Silver also tumbled down by 3.15% and reached $27.2. During the month, gold decreased by 7.67% and silver by 12.32%.

The Euro/USD also slipped by 0.1% to 1.2716; furthermore, the U.S Dollar also appreciated against other currencies such as the Canadian dollar.

Energy Commodities:

WTI oil price also declined by 1.24% to $92.81 per barrel; Brent oil also fell by 1.31% to $110.26 per barrel;

Following these changes, the difference between Brent and WTI settled $17.45/bbl. During the month, WTI fell by 11.5% and Brent oil by 7.9%.

The Henry Hub future (June delivery) spiked again by 4.8% to $2.62/mmbtu; the Henry Hub spot also hiked to $2.5/mmbtu; the difference between the spot and future increased to $0.12/mmbtu, i.e. Contango.

A Summary for May 16th:

The table below includes: closing prices, daily percent changes, and daily changes:

 Gold Silver Crude oil Natural gas 2012 may 16

For further reading: