NEW YORK ( TheStreet) -- Well, JPMorgan et al, backed by their HFT specialists, were a force to be reckoned with right from the 6:00 p.m. EDT open on Wednesday evening in New York. The low tick came about twenty minutes before the Comex close on Thursday afternoon---and the subsequent rally made it until 3:40 p.m. EDT before running into the algorithms once again.
The high and lows ticks were reported by the CME Group as $1,292.00 and $1,273.40 in the December contract.
Gold finished the Thursday trading session at $1,276.30 spot, down $15.10 from Wednesday's close. Net volume was pretty decent at 136,000 contracts.Here's the 10-minute tick gold chart courtesy of reader Brad Robertson---and the 'click to enlarge' feature works wonders here. Note the monster volume at 2 a.m. EDT [midnight MDT on this chart] when the HFT boyz showed up with their algorithms. Silver set a new low price for this move down just before 10 a.m. BST in London on their Thursday morning. From there it rallied into the London p.m. gold fix where it ran into JPMorgan et al---and that was pretty much it for the day, although it did manage to poke its nose into positive territory just before 4 p.m. EDT. That's when the gold price got sold down off its rally as well. Ditto for silver. The low and high ticks were reported as $19.285 and $19.48 in the September contract. The silver price closed yesterday at $19.415 spot, down 3.5 cents from Wednesday's close. Net volume wasn't overly heavy at 23,500 contracts. Platinum was under a bit of selling pressure during Far East trading---and that continued until the Comex open, where the low tick was set for the day. It recovered about five bucks off its low---and then traded flat for the rest of the day and closed down about 8 bucks. Palladium didn't do much until Zurich opened. At that point it dipped a few dollars before heading higher until about noon in New York. After that it traded flat as well---and finished the Thursday session up 12 bucks. The dollar index closed at 82.25 late on Wednesday afternoon in New York. It rose to its 82.36 high at noon Hong Kong time. From there it chopped quietly lower until around 11 a.m. EDT---and after that it pretty much traded ruler flat, finishing the day at 82.16---down 9 basis points on the day. Here's the 2-day dollar index chart. Note the noon high tick in Hong Kong on their Thursday. Here's the 6-month dollar index with Thursday's data added. Using the past as prologue, I'd say this dollar rally is getting a little long in the tooth---and if I were long this index, I'd be hitting the bid about now. The gold stocks gapped down almost 2 percent at the open---and from there they sank to their low of the day around 12:10 p.m. EDT. Then they traded flat before catching a bit of a bid in the last hour of trading. The HUI finished down 1.99%---but well off its low. The chart pattern in the silver equities was almost a carbon copy of the gold shares. At one point the shares were down over 3 percent but, like gold, rallied a bit in the last hour of trading---and Nick Laird's Intraday Silver Sentiment Index closed down 'only' 2.37%. The CME Daily Delivery Report showed that 233 gold and 6 silver contracts were posted for delivery within the Comex-approved depositories on Monday. In gold, the two big short/issuers were Morgan Stanley with 150 contracts---and Barclays with 77 contracts---and both out of their in-house [proprietary] trading accounts. The two long/stoppers of note were Canada's Scotiabank with 133 contracts---and JPMorgan with 82 contracts in its client account once again. The link to yesterday's Issuers and Stoppers Report is here. The CME's Preliminary Report for Thursday shows that there are 372 gold contracts still open in August. From that number you can subtract the 233 contracts mentioned in the above paragraph, so there are about 140 contracts left to deliver sometime before first notice day for September, which is next Friday. 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. Joshua Gibbons, the " Guru of the SLV Bar List" updated his website with what happened in SLV for their reporting week ending on Wednesday---and here's what he had to say. " Analysis of the 20 August 2014 bar list---and comparison to the previous week's list: 4,078,051.2 oz were added---and no bars were added or had a serial number change." " The bars added were from: Inner Mongolia Qiankun (0.9M oz), Solar Applied Materials (0.6M oz), Nippon Mining (0.6M oz), Henan Yuguang (0.6M oz), and 19 others." " As of the time that the bar list was produced, it was overallocated 194.5 oz. All daily changes are reflected on the bar list, except for a 1,439,175.0 oz deposit Wednesday night." The link to Joshua's website is here. The U.S. Mint had a tiny sales report yesterday. They sold 1,500 troy ounces of gold eagles---and 500 one-ounce 24K gold buffaloes. Over at the Comex-approved depositories on Wednesday, the didn't report receiving any gold, but 46,279 troy ounces were shipped out---and all out of Manfra, Tordella & Brookes, Inc. The link to that activity is here. It was quite a bit busier in silver, as it normally is. 394,615 troy ounces were reported received---and 650,056 troy ounces were shipped out. All the activity was at HSBC USA and Canada's Scotiabank. The link to that action is here. I have a lot fewer stories for you today---and that suits me just fine.