NEW YORK ( TheStreet) -- It was another day when not much happened during the Far East trading session---and volumes were microscopic. But as you already know, that all changed once London opened. At that point the gold price got sold down a bit more than six bucks---and I was expecting the worst when I got up late yesterday morning, but was much relieved to find out that the worst had already past. Gold rallied a bit until precisely 10 a.m. EDT in New York, before getting sold down for the remainder of the day.
The CME Group recorded the high and low ticks at $1,307.60 and $1,289.60 in the April contract. Glancing at Friday morning activity in Hong Kong right now, I note that most of the trading activity is now in the new front month, which is June.
Gold closed in New York on Thursday afternoon at $1,291.70 spot, down $14.10 from Thursday's close. Not surprisingly, gross volume was over the moon at 335,000 contracts, as all the large traders [except those standing for delivery] had to be out of their April positions by the Comex close yesterday. Net volume was a tiny 34,000 contracts. And, as an aside, the rest of the traders have to be out of their April positions by the end of the Comex session today. That applies to all Comex contracts, regardless of the commodity.The silver chart was a mini version of the gold chart---and after the 10 a.m. EDT rally got capped, the silver price traded pretty flat for the remainder of the day in New York. The high and low ticks were recorded as $19.87 and $19.575 in the May contract. Silver closed the Thursday session at $19.69 spot, down only 4.5 cents on the day. Considering the price action in early trading in London, I'd call yesterday's price action in New York a win. Volume, net of March and April, was 37,500 contracts, which wasn't a lot compared to other days. Platinum rallied ten bucks in the first two hours of trading in the Far East on their Thursday morning but, like gold and silver, once London opened the selling began, but ended at precisely 12 o'clock noon in New York. After that, the price gained a few bucks into the close, finishing down on the day by a handful of dollars. Of course, as I reported in The Wrap in yesterday's column, the long knives were out for palladium---and the metal was down over 3% in short order during the first hour of trading in London. The subsequent rally, such as it was, got cut off at the knees at 11 a.m. in New York. Then it got sold down to its absolute low of the day, which came minutes before 3 p.m. in electronic trading. Then, like platinum, it rallied a few dollars into the close. And just as a point of interest, the high/low in palladium in the June contract [the current front month] on Thursday was $782.20 and $756.35---an intraday move of 3.3%. The d ollar index closed late on Wednesday afternoon at 80.006---and by the end of the Thursday session had chopped its way up to 80.13. Nothing to see here once again. The gold stocks opened down, but quickly rallied into positive territory, hitting their high of the day at 10 a.m. EDT on the dot. From there they sold off in fits and starts until the low was in shortly before 3 p.m. Then a buyer showed up and bid the stock back into positive territory---and the HUI closed up 0.81%. It was virtually the same price action in the silver equities as well---and Nick Laird's Intraday Silver Sentiment Index closed up 1.35%. The CME's Daily Delivery Report showed that zero gold and zero silver contracts were posted for delivery within the Comex-approved warehouses on Monday. As I said in this space yesterday, it was my opinion that the March delivery was complete as of Wednesday's report---and that has turned out to be the case. There were no reported changes in GLD yesterday---and as of 10:15 p.m. EDT yesterday evening, there were no reported changes in SLV, either. For the third week in a row, there was no in/out activity in SLV---and Joshua Gibbons' report is the same as it has been since early March---and this is what he had to say about it on his website last evening: " Analysis of the 26 March 2014 bar list, and comparison to the previous week's list. No bars were added, removed, or had serial number changes. As of the time that the bar list was produced, it was overallocated 99.8 troy ounces. All daily changes are reflected on the bar list. This is three straight weeks with no silver added or removed to SLV, the longest since we started keeping track in July, 2010." The link to Joshua's website is here. The U.S. Mint had a tiny sales report. They sold 25,000 silver eagles---and that was it. Over at the Comex-approved depositories on Wednesday, JPMorgan Chase reported receiving 160,750 troy ounces of gold---and if you divide that number by 32.15---which is the number of troy ounces in a kilobar of any precious metal---you come up with precisely 5 metric tonnes to the ounce. Nothing was reported shipped out. The link to that activity is here. There was pretty decent activity in silver, as nothing was reported received, but 764,360 troy ounces were reported shipped out for parts unknown. Most of the activity was at HSBC USA---and the link to that is here. I have an average number of stories for a weekday column---and there should be a couple in here that pique your interest.