Gold Silver and Oil Tumbled Down–Recap May 23rd

Gold and silver prices, along with other commodities, tumbled down during yesterday’s trading. Crude oil also plummeted; the price of WTI fell to its lowest level since mid October 2011. Natural gas future continued to trade up. The Euro fell again against the USD. Other exchange rates also fell against the USD such as Canadian dollar.

Here is a summary of the daily changes in precious metals and energy commodities for May 23rd, 2012:

Precious Metals:

Gold sharply fell again by 1.79% to $1,548.4; Silver also tumbled down by 2.34% and reached $27.52. During the month, gold decreased by 6.96% and silver by 11.27%.

The Euro/USD fell by 0.79% to 1.2584 – the lowest level in nearly two years; furthermore, the U.S Dollar also appreciated against other currencies such as the Canadian dollar.

Energy Commodities:

WTI oil price plummeted yesterday by 2.25% to $89.60 per barrel; Brent oil also fell by 1.85% to $107.27 per barrel;

Following these developments, the gap between Brent and WTI settled $17.67/bbl. During the month, WTI decreased by 14.56% and Brent oil by 10.4%.

On the other hand the Henry Hub future (June delivery) rose again by 1.11% to $2.74/mmbtu; the Henry Hub spot also traded up to $2.6/mmbtu; the gap between the spot and future rose to $0.14/mmbtu, i.e. Contango.

A Summary for May 23rd:

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

 Gold Silver Crude oil Natural gas 2012 may 23

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