NEW YORK ( TheStreet) -- The price pressure was on gold almost throughout the entire Thursday trading day everywhere on Planet Earth, with the final coup de grâce coming just after 11:30 a.m. GMT in London. The low of the day was at 12:45 p.m. EDT in New York, and the smallish recovery wasn't allowed to get far.
The CME recorded the high and low as $1,343.00 and $1,318.70 in the December contract.
Gold closed yesterday at $1,322.70 spot, which was down $20.20 on the day. Net volume was 147,000 contracts, a hair less than Wednesday's volume.In silver, the footprints of the high-frequency traders were far more obvious. They hit the price at the 6 p.m. open in New York on Wednesday evening, again at 9 a.m. Hong Kong time, then around 11:30 a.m. GMT in London, and once again at the 8:20 a.m. EDT Comex open. Like gold, the silver price wasn't allowed to get far after that. According to the CME, the December high and low were $22.69 and $21.73. Silver finished the Thursday session at $21.905 spot, down 83 cents from Wednesday's close. Net volume was decent at around 49,500 contracts. Here's the New York Spot Silver [Bid] chart, which shows the HFT action at the Comex open. No for-profit seller ever sells like that, ever! Neither platinum or palladium were spared, either. Here are the charts. The dollar index closed on Wednesday at 79.74, and then chopped sideways until 9 a.m. GMT in London. The subsequent rally topped out around the 80.26 mark at 4 p.m. EDT before trading sideways into the electronic close. The index finished at 80.24, which was up 50 basis points from Wednesday's close. The gold stocks gapped down and stayed down. The HUI finished down 3.60%. As bad as it was for the gold shares, the silver shares got clubbed, as Nick Laird's Intraday Silver Sentiment Index closed down to the tune of 4.53%. A lot of the junior producers did even worse. The CME's Daily Delivery Report for Day 2 of the November delivery month showed that zero gold and only 6 silver contracts were posted for delivery on Monday. As I said two days ago, November is not a delivery month for either gold or silver, and that's why there's been little activity. You can expect similar reports for the remainder of the month. There were no reported changes in GLD yesterday, and as of 9:53 p.m. EDT, there were no reported changes in SLV, either. Joshua Gibbons, the Guru of the SLV Bar List, updated his Web site with the latest inventory figures from SLV as of the close of business on Wednesday. This is what he had to say: "Analysis of the 30 October 2013 bar list, and comparison to the previous week's list: 810,171.3 troy ounces were removed (all from Brinks London), 4,376,062.1 ounces were added (all to Brinks London except 40,197.0 oz. to JPM London V). No bars had a serial number change." "The bars removed were from: Noranda (0.2M oz), Johnson Matthey (0.2M oz), Handy Harman (0.1M oz), and 16 others. The bars added were from: Kazakhmys (0.8M oz), Solar Applied Materials (0.7M oz), Russian State Refineries (0.7M oz), and 20 others." "As of the time that the bar list was produced, it was overallocated 1,174.0 oz. All daily changes are reflected on the bar list." The folks over at Switzerland's Zürcher Kantonalbank updated their gold and silver ETFs as of the close of business on Friday, October 25. There was a tiny withdrawal of 1,707 troy ounces of gold, and 147,830 troy ounces of silver. There was another tiny sales report from the U.S. Mint yesterday. They sold another 1,000 ounces of gold eagles. For the third day in a row, there was no in/out movement in gold within the Comex-approved depositories on Wednesday. But it was another really big in/out day in silver. These same depositories reported receiving 1,140,360 troy ounces, and shipped out 643,606 troy ounces. The link to that action is here, and it's worth a quick look. Much to my surprise, there was another Commitment of Traders Report issued on Wednesday, the second one this week, and the third since last Friday. This one was for the week ending at the close of Comex trading on Tuesday, October 15. During that reporting week, the price of gold was engineered lower to the tune of around $70 from its high tick to its low tick. In silver, it was around $1.75. Needless to say this resulted in a big improvement in the internal structure of this COT report compared to the week prior, as the tech funds and small traders either puked up longs as sell stops were hit, or went short. The Commercial traders [read JPMorgan et al] went long and covered shorts and rang the cash register one more time. In silver, the Commercial net short position declined by 1,993 contracts, or 9.97 million ounces. As of the October 15, the Commercial net short position was down to 96.4 million ounces. In gold, the improvement was monstrous, as the Commercial traders reduced their short position during the reporting week by a chunky 25,592 contracts, or 2.56 million ounces. The Commercial net short position, as of the close of trading on October 15, was down to 6.48 million ounces. Here's the 30-day gold charts for gold and silver. Note the price declines in both in the five reporting days up to and including the Tuesday, October 15th cut-off date. This decline didn't happen by accident, and "da boyz" made huge money on this decline. Using the past as prologue, I would suspect that there will be another COT Report at the usual 3:30 p.m. EDT today. If there is, it will be for the trading week ending October 22. [Note the 5-day rallies in both metals during that period on the charts above.] If there is, I'll have have something on it tomorrow's column, plus what I can glean from my daily conversation with Ted Butler. Here's a FRED chart that Casey Research's own Jeff Clark sent my way yesterday. Get used to the shape of that graph, because it's not going to change until the U.S. dollar finally goes bust. Despite my best editing efforts, I still have a lot of stories for you today, so I hope you can find time either now, or over the weekend, to read the ones that interest you.