NEW YORK ( TheStreet) -- The attempted rally in gold during the Far East trading session certainly blew out the open interest by the London open as it was obvious the HFT boyz were out and about. The gold price got sold down a bit once London began to trade, and the low price tick came at 1 p.m. GMT right on the button, and 20 minutes before the Comex open in New York.
The subsequent rally ran into obvious opposition, and the vertical price spike about 10:20 a.m. EST got dealt with in the usual manner. From that high, the gold price got sold down until shortly after 2 p.m. in electronic trading, and the smallish rally off that low didn't amount to much.
The CME recorded the low and high ticks at $1,277.30 and $1,293.80 in the December contract.Although the gold price traded in a fairly tight price range, it only did so because it was being micromanaged; much like it is everyday. But some days are more obvious than others. Gold finished the Thursday session in New York at $1,287.30 spot, which was up an even $5.00 from Wednesday's close. Net volume of 137,000 contracts was 30% higher than it was on Wednesday, and although not heavy, it wasn't exactly light, either. Here's the New York Spot Gold [Bid] chart on its own so you can see the price action in North America in much more detail. Silver rallied a bit in Far East trading on their Thursday, and then faded into the 10:20 a.m. price spike visible on the chart below. Silver's price spike wasn't anywhere near as impressive as the one for gold, and silver traded quietly after that into the close of electronic trading. Since silver traded in such a tight price range yesterday, the highs and lows aren't worth mentioning. Silver closed yesterday at $20.745 spot, up 13.5 cents from Wednesday. Once again, gross volume was very heavy, but net volume was 'only' 38,000 contracts, down 10% from Wednesday's net volume figures. Platinum jumped up fifteen bucks in the first two hours of trading in the Far East on their Thursday. After that it chopped sideways. The two subsequent rally attempts during Comex trading hours in New York yesterday weren't allowed to go anywhere. Palladium rallied five bucks early on, and then traded flat for the rest of the day. Here are the charts. The dollar index closed on Wednesday afternoon in New York at 80.80, and then climbed to its 81.19 high around 11:20 a.m. GMT in London. From there it chopped lower, with the low tick of 80.87 coming at 11:15 a.m. EST in New York. Then it rallied a bit into the close, finishing the Thursday session at 81.03, which was up 23 basis points from Wednesday. Not surprisingly, the gold stocks gapped up a bit at the open, and then rallied unsteadily for the rest of the day. The HUI finished almost on its high, up 2.65%. The same can be said for the silver equities, except that they performed even better. Nick Laird's Intraday Silver Sentiment Index closed up 3.47%. The CME's Daily Delivery Report showed that zero gold and 15 silver contracts were posted for delivery within the Comex-approved depositories on Monday. Jefferies was the short/issuer on all 15, and JPMorgan was the long/stopper on 13 of them, all for its client's account. The link to yesterday's Issuers and Stoppers Report is here. There were no reported changes in GLD yesterday, but SLV reported another withdrawal. This time it was 1,637,392 troy ounces. So far this month, 3.51 million ounces have been withdrawn from SLV. There was no sales report from the U.S. Mint. Joshua Gibbons, the "Guru of the SLV Bar List" had this to say about the prior week's SLV in/out activities for the week ending on Wednesday, November 13: "Analysis of the 13 November 2013 bar list, and comparison to the previous week's list -- No bars were added, removed, or had a serial number change. As of the time that the bar list was produced, it was over-allocated 8.8 troy ounces. There was a withdrawal of 1,733,842.8 troy ounces on Monday that has not yet been reflected on the bar list, and which should appear on the next bar list [as it normally takes a day or two for the bar list to get updated." There was no sales report from the U.S. Mint. Once again there was little gold in/out activity over at the Comex-approved depositories on Wednesday. Nothing was reported received, and only 160 troy ounces were reported shipped out. And as is almost always the case, it was much busier in silver, as 300,925 troy ounces were reported received, and 601,137 troy ounces were shipped out the door on Wednesday. The link to that activity is here. Here's the latest Monetary Base chart from FRED that's published by the St. Louis Fed, and I thank Casey Research's own Jeff Clark for sending it our way. It's "Print, or die!" -- and that's precisely what they're doing. I have quite a few stories for you today, and I hope you find the time to read the ones that most interest you.