Gold and Silver Sharply Fell on Tuesday –Recap May 8th

Gold and silver prices tumbled down yesterday by nearly 2% for each metal. This tumble may have been related to the rise in the anxiety levels in the Markets regarding the recent political developments in Greece and France. Other commodities prices also declined yesterday including crude oil prices; natural gas future price rose again yesterday. Finally, the Euro depreciated again against the U.S. dollar for the seventh consecutive business day; other currencies such as the Aussie dollar also declined vs. the USD.

Here is a summary of the daily shifts in precious metals and energy commodities for May 8th, 2012:

Precious Metals:

Gold price plummeted yesterday by 2.11% to $1,604.5; Silver price also tumbled by 2.2% and reached $29.46. During the month, gold declined by 3.59% and silver by 5.02%.

The Euro/USD declined again by 0.34% to 1.3006; furthermore, the U.S Dollar also appreciated against other exchange rates such as the Aussie dollar.

Energy Commodities:

WTI oil price declined again by 0.95% to $97.01 per barrel; Brent oil also edged down by 0.01% to $113.06 per barrel;

Following these shifts, the gap between Brent and WTI oil prices reached $16.05/bbl. During the month, WTI fell by 7.49% and Brent oil declined by 5.5%.

The Henry Hub future (June delivery) increased by 2.58% to $2.39/mmbtu; the Henry Hub spot price decreased to $2.26/mmbtu; the difference between the spot and future was $0.13/mmbtu, i.e. Contango.

A Summary of Changes for May 8th:

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

 Gold price Silver Crude oil prices, Natural gas 2012 may 8

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