Silver and Oil Tumbled Down on Wednesday – Recap November 7th

The Presidential elections are over and the market shifted from gains to losses. Many commodities were traded sharply down on the third day of the week: WTI oil and Brent oil plummeted on Wednesday; the prices of silver and gold also declined for the first time this week; natural gas Henry Hub future (November delivery) also tumbled down on Wednesday; the Euro slightly depreciated against the USD on Wednesday. Some other currency pairs including the Aussie dollar also fell against the USD.

Here is a summary of the daily developments of precious metals and energy commodities for November 7th, 2012:

Forex and Bullion Markets:

On Wednesday, gold edged down by 0.06% to $1,714.0; Silver also decreased by 1.12% to $31.67. During November, gold declined by 0.3%; silver, by 2%.

On Wednesday, the Euro/USD also fell by 0.34% to 1.2771; further, the U.S Dollar appreciated against some other currencies including Aussie dollar by 0.25%.

Energy Commodities:

WTI oil price also plunged yesterday by 4.81% to $84.44 per barrel; Brent oil also fell by 3.83% to $106.82 per barrel;

Due to these developments, the gap between Brent and WTI narrowed to $20.58/bbl. During the month, WTI decreased by 1.7%; Brent oil, by 2.1%.

Finally, the Henry Hub future (December delivery) also decreased by 1.1% to reach $3.58/mmbtu.

A Summary for November 7th:

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

Gold Silver Crude oil Natural gas 2012 November 7

For further reading: