NEW YORK ( TheStreet) -- Except for the rally going into the London open, which was dealt with in the usual manner by the not-for-profit sellers, it was a very quiet trading day everywhere on Planet Earth on Friday.
According to the CME's website, the high and lows ticks for gold in the December contract were $1,328.90 and $1,311.20. The high tick was at the London open, and the low came at 12:45 p.m. EDT in New York.
Gold closed at $1,317.40 spot, which was down $2.70 from Thursday's close. Volume, net of October and November, was only 112,000 contracts.Silver also rallied going into the London open, but the moment it broke above the $22 spot price mark, down it went. This happened several times during the Friday session, twice in London trading and a couple of times in New York. All attempts ran into a willing seller. According to the CME, the high and low for the December contract were $22.05 and $21.74. Silver closed at $21.955 spot, up 6.5 cents on the day. Volume, net of October and November, was a very light 25,500 contracts. The trading pattern for both platinum and palladium were also similar, and price action in these two metals was even more subdued. Here are the charts. The dollar index closed on Thursday in New York at 79.69 and then sagged about 15 basis points by around 11:30 a.m. BST in London. After that it recovered a handful of basis points and closed in New York on Friday at 79.62, down seven whole basis points. The gold stocks rallied into positive territory within 15 minutes of the opening of the equity markets in New York yesterday morning. But by 11 a.m. EDT, they were back in negative territory, and that's where they stayed for the remainder of the day. The HUI closed down 0.66%. The chart for the silver stocks looks about the same as the gold chart, but once the low was in just minutes after 1 p.m. EDT, they struggled back into positive territory, and Nick Laird's Intraday Silver Sentiment Index closed up a tiny 0.20%. The CME's Daily Delivery Report showed that 47 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Tuesday. Canada's Bank of Nova Scotia was the only short/issuer, and JPMorgan Chase was on the receiving end of all of them. The link to yesterday's Issuers and Stoppers Report is here. For a change, there were no withdrawals from GLD yesterday, and as of 9:37 p.m. EDT yesterday evening, there were no reported changes in SLV, either. The U.S. Mint had another tiny sales report. They sold 1,000 troy ounces of gold eagles and 500 one-ounce 24K gold buffaloes. Month to date the mint has sold 25,000 troy ounces of gold eagles; 12,500 one-ounce 24K gold buffaloes; along with 1,687,000 silver eagles. Based on these sales, the silver/gold ratio checks in at 45 to 1. It was huge day in gold over at the Comex-approved depositories on Thursday. They reported receiving 203,114 troy ounces, and shipped 88,831 troy ounces out the door. The link to that activity is here, and it's worth a peek. It was another big day for silver as well, as these same depositories reported that although they didn't receive any silver, they did ship out a chunky 1,063,218 troy ounces to parts unknown. The link to that action is here. I know that Ted Butler will certainly have something to say about these warehouse movements in his weekly commentary later today. True to form since the 20th of the month fell on a weekend, the Central Bank of the Russian Federation updated their website with their September data. I was somewhat surprised, and mildly disappointed, that they didn't add any gold to their reserves during the latest reporting month. Their reserves still sit at 32.6 million ounces. Here's Nick Laird's chart updated with that information, or lack thereof. As I mentioned in yesterday's column, despite the fact that government was now back to "work," there would be no Commitment of Traders Report or Bank Participation Report on Friday, and they were true to their word. Here's a chart that Nick Laird sent my way early this morning. It shows that equity markets have risen to a new high, eclipsing the previous top in 2008. As Doug Noland mentioned in today's lead story, this giant equity/credit bubble is now in its terminal phase and will, sooner or later, run into a pin of some sort. I don't have an overly large number of stories for a Saturday column, and I hope you can find the time over what's left of your weekend to read the ones that interest you the most.