NEW YORK ( TheStreet) -- The gold price traded in a tight five dollar range through all of Far East trading, and then right up until 12:30 p.m. in London. During the next 30 minutes, the price got smacked for about ten bucks. Then at 1 p.m. BST, which was 8 a.m. in New York, the price took off skyward like a homesick angel until about 10 minutes or so after the Comex open. Then the not-for-profit sellers put in an appearance. That rally was the high of the day at $1,326.30 spot. Then gold got sold down to its low of the day [$1,305.50 spot] shortly before 10:30 a.m. EDT. After that it spent the rest of the New York session struggling to gain back a few dollars of its losses.
Gold finished the Friday session at $1,311.20 spot, down $5.50 from Thursday. Net volume was pretty light at around 111,000 contracts.
It was more or less the same for silver, so I'll spare you the details. The low of the day for silver [around $21.45 spot] came shortly after 1 p.m. in London. The high tick came 30 minutes later in Comex trading, and Kitco recorded that as $22.02 spot. After the 10:30 a.m. Comex low, silver also struggled higher into the 5:15 p.m. EDT electronic close. Every rally attempt, no matter how tiny, got dealt with in the usual manner. Silver managed to close in the plus column, but only by 4.5 cents, finishing the Friday session at $21.74 spot. Net volume was only 28,500 contracts. Here's the New York Spot Silver [Bid] chart on its own, so you can see the price action there in more detail. The price action in both platinum and palladium was a derivative of the price action in both gold and silver. Here are the charts, so you can check it out for yourself. The dollar index closed in New York late Thursday afternoon at 79.73. It's low of the day [79.69] came at 2:30 p.m. Hong Kong time. The subsequent rally ran out of gas at 79.99 just before 8 a.m. in New York. By 11:30 a.m. EDT, the index had declined by 10 points, but from there it rallied up to a hair over 80.15 before trading basically flat into the close. The dollar index finished up 42 basis points at 80.15. The gold stocks opened in the black, but got sold down into the red as gold hit its 10:30 a.m. low tick in New York. They struggled back to almost unchanged during the next hour of trading, but never got a sniff of positive territory again for the remainder of the day. The HUI closed down 0.45%. It was the same chart pattern for silver stocks right up until the 10:30 a.m. low tick for that metal. The subsequent rally off that low ended back in positive territory, and the silver equities stayed there right up until almost the end before closing down the smallest amount possible. Nick Laird's Intraday Silver Sentiment Index closed down a miniscule 0.01%. The CME's Daily Delivery Report showed that 84 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Tuesday, and it was all the usual crooks as issuers and stoppers. The short/issuer on all 84 contracts was Canada's Bank of Nova Scotia. HSBC USA stopped 59 contracts, and JPMorgan Chase stopped the rest. The link to yesterday's Issuers and Stoppers Report is here. There were no reported change in either GLD or SLV. It's been mid-September since I'd heard from the folks over at Switzerland's Zürcher Kantonalbank. But I finally received an e-mail update from them yesterday for Monday, September 30. They reported small declines in both their gold and silver ETFs. Their gold ETF declined by 17,176 troy ounces, and their silver ETF by 51,955 troy ounces. The U.S. Mint had a tiny sales report yesterday, they sold 2,000 one-ounce 24K gold buffaloes, and that was all. Over at the Comex-approved depositories on Thursday, they reported shipping out 35,808 troy ounces of the stuff for parts unknown. All of it came out of the vaults over at HSBC USA. The link to that activity is here. In silver, these same depositories shipped out 385,368 troy ounces, and didn't report receiving any. The link to that action is here. With no Commitment of Traders Report or Bank Participation Report yesterday, this column is going to be a little on the skinny side. I don't have a huge number of stories for you, and I hope you have enough time over what's left of your weekend to read everything of interest to you.