NEW YORK ( TheStreet) -- Except for the fact that "da boyz" and their algorithms showed up at the New York open, it was pretty much a nothing sort of day in the gold market yesterday. With the gold price on an obvious very tight leash, it was a given that the price wasn't going to be allowed above the $1,300 spot price mark, or the 200-day moving average.
The high and low ticks were recorded by the CME as $1,298.30 and $1,287.70 in the June contract.
Gold finished the Friday trading session in New York at $1,292.70 spot, down $4.10 from Thursday's close. Net volume was very quiet---only 84,000 contracts.Silver was under a bit more selling pressure in late Far East and early London trading yesterday---and it got hit a bit in early New York trading as well. Ever since the price touched $20 the ounce at the New York open on Wednesday, JPMorgan et al have been chipping away at it ever since. The high and low ticks were reported as $19.53 and $19.255 in the July contract. Silver closed on Friday at $19.345 spot, down 11.5 cents from Thursday. Volume net of May and June was 35,500 contracts. There was also 3,000 contracts traded in September and December---and whether that was roll-over/spread related, is impossible to tell. The platinum price traded within a one percent price range all day on Friday---and closed down three bucks. Palladium was under pressure in early London trading, but rallied sharply around 12:30 p.m BST---and the traded flat for the remainder of the day, closing up five bucks. Here are the charts. The dollar index closed at 80.04 late on Thursday afternoon in New York. It dipped slightly below the 80.00 level a few times, but manged to rally back to unchanged, finishing the Friday session at 80.05. The gold stocks gapped down a bit at the open---and chopped lower for the remainder of the day, closing just off their lows---and the HUI finished down another 1.00%. The silver equities sold off just over a percent at the open---and the chopped higher all day, actually finishing in the black, as Nick Laird's Intraday Silver Sentiment Index closed up 0.23%. The CME Daily Delivery Report showed that zero gold and 63 silver contracts were posted for delivery within the Comex-approved depositories on Tuesday. The only two short/issuers in silver were Jefferies once again, along with ABN Amro, with 38 and 25 contracts respectively. And, once again, it was "all the usual suspects" as long/stoppers, with JPMorgan being the tallest hog at the trough with 42 contracts in total. The link to yesterday's Issuers and Stoppers Report is here. There was a small 8,620 troy ounce withdrawal from GLD yesterday, which I would guess was a fee payment of some kind. And, as of 7:31 p.m EDT yesterday evening, there were no reported changes in SLV. Once again there was no sales report from the U.S. Mint. There was no in/out activity in gold over at the Comex-approved depositories on Thursday and, in silver, there was 613,090 troy ounces reported received---and 24,900 troy ounces were shipped out. The link to that activity is here. I was happy to see that the Commercial net short positions in both silver and gold showed declines in yesterday's Commitment of Traders Report. It wasn't a lot in silver, as the Commercial net short position dropped by only 915 contract, or 4.58 million troy ounces---and now sits at 97.2 million ounces. Ted Butler says that JPMorgan's short-side corner in the Comex silver market remained basically unchanged at 100 million ounces, which represents over 100% of the entire Commercial net short position in silver in the Commercial category. The word "grotesque" is a barely adequate description of this situation. Ted also mentioned that the 10,000 contract non-technical fund long position hiding in the bushes in the Manged Money category hasn't moved an inch, which is wonderful news, as they're obviously in this to make a big killing when we get a price rally of some significance. In gold, the Commercial net short position declined by a respectable 8,150 contracts, or 815,000 troy ounces of paper gold. The Commercial net short position in this precious metal now stands at 10.23 million troy ounces. Ted said that JPMorgan sold 5,000 long contracts during the reporting week---and their long-side corner in the Comex gold market now stands at 36,000 contracts, or 3.6 million troy ounces of the stuff. Here's Nick Laird's " Days of World Production to Cover Short Positions" of the 4 and 8 largest traders on all physical commodities traded on the Comex. And just as a point of interest, JPMorgan's short position in silver is equivalent to about 50 days of world silver production on this chart. I have a reasonable number of stories for a Saturday column, including a couple that I've been saving for most of the week because of content or length issues.