Gold and silver continue their rally and reach new highs –August 3

Gold and silver continue to rise very sharply; gold reached a new high yesterday at $1,666 – the highest price level in 2011; oil prices fell for the fourth straight business day; NG price (Henry Hub) also declined.

Here is a summary of the price movements of precious metals and energy commodities for August 3rd:

Gold sharply increased yesterday by 1.33% to $1,666– its highest price level in 2011. Silver also inclined on Wednesday by 4.16% reaching $41.76.

During August, gold increased by 2.2% and silver rose by 4.1%.

The EURO/ USD bounced back and rose yesterday by 0.84%, as the USD depreciated against the EURO. During August the EURO/USD fell by 0.5% compared to its initial level at the beginning of the month. 

 WTI declined again by 1.97% to $91.93 per barrel; during August the WTI price declined by 3.9%.

Brent price also fell by 2.64% to $112.96 per barrel.

Due to these falls, the difference between Brent and WTI fell to $21.03/bbl.

Henry Hub future (September delivery) declined by 1.45% to $4.09/mmbtu. The Henry Hub spot also fell by 0.70% to $4.26/mmbtu; the gap between the spot and future price reached -$0.17, i.e. backwardation. During August, NG spot (Henry Hub) remained unchanged.

Lior Cohen, M.A. commodities analyst and blogger at Trading NRG.  

For further reading:

Gold & Silver Price – Daily Outlook 3 August

Crude Oil Prices daily outlook 3 August

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