NEW YORK ( TheStreet) -- The gold price rallied the moment that the markets opened in New York on Wednesday evening, with most of the price action done for the day by around 11:30 a.m. Hong Kong time. After that, the price chopped around either side of the $1,220 spot mark, with a tiny spike over $1,230 spot right at the 1:30 p.m. EST Comex close. However, that gain got sold down as trading in the New York electronic market wore on.
The CME recorded the low and high price ticks as $1,202.50 and $1,230.80 in the February contract.
Gold close on Friday afternoon in New York at $1,223.00 spot, which was up $17.50 from Tuesday's close. Volume in the first four hours of trading on Wednesday night in New York was pretty heavy---as well over 20,000 contracts were traded by lunchtime in Hong Kong. Gross volume for the entire trading day was pretty decent at 153,000 contracts.It was pretty much the same price action in silver, except for a big 40 cent plus spike around 11:30 a.m. Hong Kong time. That spike had all the hallmarks of a "no ask" market---and it took some pretty heavy-duty paper hanging by a seller of last resort to put that rally back in the bottle. However, 90 minutes later, the job had been done. From there, the price traded more or less sideways on either side of the $20 spot price mark for the rest of the Thursday session. There was also a tiny price spike at the Comex close but, like gold, that gain all got taken back [plus a bit more] during the remainder of electronic trading. The low and high in the March contract were recorded as $19.43 and $20.44---which was the second business day in a row that the silver price had an intraday move of over a buck. Silver finished the Thursday session at $20.01 spot and, obviously, well off its high tick. Volume was decent as well at 49,000 contracts---and a third of that amount was posted before London opened. Both platinum and palladium had decent rallies yesterday as well, however, the bulk of their respective gains occurred during the New York session. Here are the charts. The dollar index closed in New York on New Year's Eve at 80.205---and then didn't do much until 2 p.m. Hong Kong time on their Thursday. The rally that began at that point was pretty much done by 8 a.m. in New York---and the index chopped a hair lower into the close, finishing the day at 80.60, which was up about 39 basis points. Here's the 3-day chart. The gold stocks gapped up over 2% at the open---and then tacked on another percent and change as the trading day wore on. The HUI finished up a respectable 3.85%. The silver stocks turned in a similar performance, but had a bit more of a roller coaster ride than the gold stocks. Nick Laird's Intraday Silver Sentiment Index closed up 3.42%. The CME Daily Delivery Report for Day 3 of the January delivery month showed that zero gold and 68 silver contracts were posted for delivery within the Comex-approved depositories on Monday. The short/issuer of note was Jefferies with 60 contracts---and the largest stopper was Canada's Bank of Nova Scotia with 61 contracts. The link to yesterday's Issuers and Stoppers Report is here. The GLD ETF started the New Year off with another withdrawal. This time it was 117,726 troy ounces. And as of 7:37 p.m. EST, there were no reported changes in SLV. While on the subject of the SLV---Joshua Gibbons, "The Guru of the SLV Bar List", updated his website with the following data last night: "Analysis of the 01 Jan 2014 bar list, and comparison to the previous week's list --- 5,823,853.1 troy ounces were removed (all from Brinks London), no bars were added or had a serial number change. The bars removed were from: Met-Mex (2.4M oz), Nordeutsche (1.6M oz), Handy Harman (0.8M oz), and 14 others. As of the time that the bar list was produced, it was overallocated 713.5 oz. All daily changes are reflected on the bar list." The U.S. Mint didn't update their website with the 2014 year yet, so there's no way of telling if they sold anything yesterday or not. There were no in/out movements in gold in the Comex-approved depositories on Tuesday but, once again, it was another story in silver, as they reported receiving 611,139 troy ounces of the stuff---and shipped out 30,563 troy ounces. And not [at least to my knowledge] that it means anything, but there was 574,545 troy ounces of silver shifted from the Registered to the Eligible category. The two depositories involved in that were Delaware and HSBC USA. The link to all that "action" is here. I have quite a few stories for you today---and the final edit is all yours.