Metals and energy futures were surging Thursday as the dollar continued to plunge following the Federal Reserve's latest plans to jumpstart the economy with an injection that could surpass $1 trillion. The gains were across the board in the commodities complex, and some of the percentage moves were staggering. Recently, gold was soaring $67.10, or more than 7%, to $956.20 an ounce. Silver was even stronger, rising $1.59, or 13.3%, to $13.52 an ounce. Copper was up more than 5%. Crude oil for April delivery was adding $3.11 to $51.25 a barrel at the New York Mercantile Exchange, and reformulated gasoline was tacking on 6 cents to $1.43 a gallon. Heating oil was gaining 8 cents to $1.35 a gallon, and natural gas was jumping 48 cents to $4.16 per million British thermal units. Agricultural futures were uniformly positive, led by a 5.5% increase in cocoa. Wheat, sugar and cotton were also among the outperformers. Lean hogs and cattle were climbing, as well. The Reuters/Jefferies CRB Index was higher by 9.57 points at 223.51. Bolstering the rally was the steep drop in the dollar, whose supply appears to be about to expand as a result of the Fed's proposals on Wednesday. Commodities tend to move in the opposite direction of the U.S. currency. The euro was up 1.8% on the greenback to $1.3665, and the dollar slid 2% against the yen to 94.38. The pound was gaining 2.2% to $1.4532. Among commodity-related stocks, Agnico-Eagle Mines ( AEM) was up 3% at $55.02, and Freeport-McMoRan ( FCX) was ahead by 8% at $40.88. Newmont Mining ( NEM) was advancing 5.4% to $42.29.
Chevron ( CVX) was rising 2.3%, and ConocoPhillips ( COP) was better by 3.4%. Exxon Mobil ( XOM), though, was flat. Most agricultural stocks were trading up, but Monsanto ( MON) declined. As for exchange-traded funds, the U.S. Oil ( USO) was adding 3.5% to $30.64, and the Gold Shares ( GLD) was edging ahead by 0.8% at $93.86.