Silver prices finished the week at 35$ – May 6

The final day of this very exciting week ended with another decline for major commodities including silver, crude oil (WTI spot and Brent oil), and natural gas prices.

Here is a summary of the changes in commodities and precious metals for May 6th:

Precious Metals prices:

Silver price continued to precipitately decline as it did throughout the entire week; yesterday silver fell by 2.63% to 35.29 – this is the lowest price level since March 18th 2011.

Gold price on the other hand, bounced back and closed the last business day with a 0.69% and reached 1,491$.

During May, gold prices decreased by 4.2% and silver price fell by 27.4%.

One of the main reasons for the rapid changes in commodities prices came from the major currencies: the EURO/ USD decreased very sharply for the second straight day, yesterday by 1.53%, as the USD appreciates against the EURO.  This might be related to the no-change decision of the ECB in regards to the EURO zone interest rate.

For a more detailed report on major currencies, check out Forex crunch.

Oil and Gas prices:

Spot oil price (WTI) declined for the fifth straight day, yesterday by 2.63% and reached 97.18$/b – the lowest price level since February 28th 2011; during May the WTI spot oil price fell by 14.3%.

Brent spot price also fell by 0.66% and reached 109.85$/b.

As a result, the difference between Brent and WTI inclined to 12.67$/b.

Natural gas prices (Henry Hub spot) also declined very sharply by 5.99% and reached 4.24$/mmbtu.

The Henry Hub future price decreased by 0.47% to 4.24$/mmbtu, as a result the spread between future and spot price declined to zero.

A summary of yesterday’s Prices Changes:

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

Crude spot oil price, Natural gas spot price, Current Gold price Silver prices 2011 May 6


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Monthly Analysis and Outlook:


1 comment for “Silver prices finished the week at 35$ – May 6

  1. Pingback: Is It All Over for Silver?

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