Silver and Gold Plummeted on Wednesday –Recap February 29

Gold and silver prices changed direction and plummeted yesterday following Bernanke’s testimony; Crude oil also changed direction and ended yesterday’s trading in the green; natural gas prices also sharply rose on Wednesday. The Euro sharply depreciated against the US Dollar; the same goes for some other currencies (e.g. Australian dollar). Here is a summary of the developments of precious metals and energy commodities for February 29th, 2012:

Precious Metals:

Gold price plummeted on Wednesday by 4.31% to $1,711.3; Silver price sharply fell by 6.89% and reached $34.64. During February, gold decreased by 1.7% and silver rose by 4.15%. 

The Euro/USD was traded down by 0.99% to 1.3325; the U.S Dollar appreciated against other exchange rates such as the Aussie dollar.

Oil and Gas:

WTI price increased by 0.49% to $107.07 per barrel; Brent oil also increased by 1.18% to $123.89 per barrel;

Due to these changes, the difference between Brent and WTI oil prices increased to $16.82/bbl. During the month, WTI rose by 8.7% and Brent by 11.7%.

The Henry Hub future price (March delivery) sharply rose by 3.57% to $2.61/mmbtu; the Henry Hub also increased to $2.44/mmbtu; the difference between the spot and future reached $0.17/mmbtu, i.e. Contango.

A Summary of Changes for February 29th:

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

 Gold price Silver Crude oil prices, Natural gas 2012 February 29

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