NEW YORK ( TheStreet) -- As has been the case for what seems like forever now, there was no price activity worthy of the name during the Far East trading session on their Thursday. But a rally commenced at 11 a.m. BST in London which ran into the obligatory not-for-profit seller at the Comex open in New York, and this sliced ten bucks off the price in about 30 minutes. But the rally continued shortly before 9 a.m. EDT, and topped out a few minutes after 12 o'clock noon. After that it traded more or less sideways until the 1:30 p.m. Comex close. Then it got sold down a bit into the close of electronic trading.
The CME reported the low and high price ticks at $1,330.20 and $1,352.30 in the December contract.
Gold closed in New York at $1,347.30 spot, which was up $13.60 from Wednesday's close. Volume, net of October and November, was decent at 148,000 contracts.The price pattern in silver was pretty much the same as the price pattern in gold. The only two differences were the fact that the high tick came shortly after 11:30 a.m. in New York, and the sell-off in electronic trading was a little more pronounced than it was in gold. The CME recorded the low and high ticks as $22.51 and $22.91 in the December contract. Silver closed at $22.72 spot, which was well off its high, and up only 16 cents from Thursday's close in New York. Volume, net of October and November, was on the lighter side at 34,000 contracts. Platinum closed back above its Tuesday close, and palladium finished the day flat. Here are the charts. It was the second day in a row where the dollar index didn't do much, as it traded sideways in a very tight range once again. It closed in New York at 79.21, which was down 7 basis points from Wednesday's close. The gold stocks gapped up about 3% at the open, and then climbed to their high of the day shortly after 12 o'clock noon in New York, which was gold's high tick. After that they chopped sideways for the remainder of the New York trading session. The HUI finished up 4.11%. As has been the case all week, the silver shares have underperformed their golden cousins. Nick Laird's Intraday Silver Sentiment Index closed up only 3.33%, and it didn't even gain back all of Tuesday's losses. The CME's Daily Delivery Report showed that 29 gold and 11 silver contracts were posted for delivery within the Comex-approved depositories on Monday. JPMorgan was the only long/stopper of note in both. The link to yesterday's Issuers and Stoppers Report is here. For whatever reason there was another withdrawal from GLD yesterday. This time it was 57,909 troy ounces. And as of 9:21 p.m. EDT yesterday evening, there were no reported changes in SLV. Joshua Gibbons, the "Guru of the SLV Bar List" posted his weekly commentary on the in/out action for the week that was in SLV. Here's what he had to say. " Analysis of the 23 October 2013 bar list, and comparison to the previous week's list. 3,661,880.2 troy ounces was removed (all from Brinks London), and none had a serial number change. The bars removed were from: Solar Applied Materials (1.3M oz), Aurubis AG (0.6M oz), Nordeutsche (0.6M oz), Inner Mongolia Qiankun (0.2M oz), and 17 others. As of the time that the bar list was produced, it was over-allocated 68.6 troy oz. There was a withdrawal of 770,883.6 oz on Tuesday and deposit of 2,408,785.0 oz on Wednesday (that nets to +1,637,901.4 oz) that have not yet been reflected on the bar list, that should appear on the next bar list (as it normally takes a day or two for the bar list to get updated)." The link to his Web site is here. I also noted that the folks over at the shortsqueeze.com Internet site updated their Web site with the latest changes in the short positions for both GLD and SLV for mid-October. The short position in SLV rose by 7.19%, and the total number of shares/ounces sold short now stands at 17,775,400. GLD's short position increased by 8.90%, and it's short position is up to 2.40 million troy ounces. In tonnes, that's 553 tonnes of silver and 74.5 tonnes of gold. One can only imagine what the prices of gold and silver would be if those holding short positions in both these ETFs were required to purchase the metal on the open market to cover them. The U.S. Mint had a tiny sales report yesterday. They sold 500 ounce of gold eagles, and that was it. Over at the Comex-approved depositories on Wednesday, they reported receiving 32,075 troy ounces of gold, and shipped 64,009 troy ounces out the door. The link to that activity is here. As is always the case, it was much busier in silver, as 639,533 troy ounces were shipped in and 235,623 troy ounces were shipped out. The link to that action is here. It was another slow news day again yesterday, and I hope you find something of interest in what I did manage to cobble together.