NEW YORK ( TheStreet) -- All was calm in Far East and early London trading on their Thursday, but shortly after 12:30 p.m. GMT in London, the news of the European rate cute hit the tape, and the dollar index spiked higher in a heartbeat. The index was up 50 basis points in minutes. But gold didn't make its move until about 15 minutes after that, and it's vertical spike ran into a seller of last resort just minutes before 1 p.m. GMT, which was 8 a.m. in New York. By the 8:20 a.m. EST Comex open, gold's gain had been cut by ten bucks, and then at 8:30 the high-frequency traders/not-for-profit sellers smacked the price for another twenty dollars in less than two minutes. The subsequent rally that began at 8:32 a.m. last until 10:30 a.m., and that was pretty much it for the day. The CME recorded the high and low as $1,326.00 and $1,296.00, a thirty dollar intraday move. Gold closed on Thursday at $1,307.60 spot, which was down an even ten bucks from Wednesday. Not surprisingly, gross trading volume was very high, but with the roll-overs out of December subtracted out, net volume was only 151,000 contracts. Here's the New York Spot Gold [Bid] chart on its own, and you can see where the HFT boyz smacked the price at precisely 8:30 a.m. The silver chart for Thursday looks similar to the gold chart, except the 8:30 a.m. EST not-for-profit sellers did an outstanding job of running the stops, and they had silver down over 2% in two minutes flat. The subsequent price rally off the engineered price decline recaptured some of the loses, but that rally ran out of gas shortly after 10:30 a.m. EST, and that was it for the remainder of the New York trading session. The CME recorded the high and low tick as $22.015 and $1.375 in the December contract, an intraday move over almost 3%. Silver closed the day at $21.67 spot, back under $22, and down 13.5 cents from Wednesday. Gross volume was pretty big as well, and net volume was around 38,000 contracts. Here's the New York Spot Silver [Bid] chart so you can see the New York action on its own. The chart is a virtual twin of the same chart for gold posted above. The charts for platinum and palladium were mini versions of the gold and silver charts. The dollar index barely budged off the 80.50 mark during Far East and early London trading, which is where it closed at on Wednesday afternoon in New York. But at 12:40 a.m. GMT [7:40 a.m. in New York] the euro rate cut sent the index up to 81.07 in two minutes or less. From there it added another 5 basis points or so until 8:25 a.m. EST, which was five minutes after the Comex open, and then blasted up to its 81.41 high tick by 8:30 a.m. It was all down hill from there until the New York low tick of 80.67 around 1:45 p.m. EST, and from that point it recovered a hair into the close. The dollar index finished the Thursday session at 80.86, which was up 36 basis points from Wednesday's close. Two things to note here: the first spike in the dollar index preceded the spike in the gold price by about 15 minutes or so; and the not-for-profit seller did not show up in New York until the the dollar index was up about 90 basis points. There was nothing free-market about what happened with gold, silver or platinum between 8:30 and 8:32 a.m. EDT yesterday. The gold stocks opened down, but rallied into positive territory until the rally in the gold plrice ended at 10:30 a.m. EST. From there, they sold off right into the close, and the HUI finished virtually on its low of the day, down 2.42%. The silver stocks gapped down and never looked back. Nick Laird's Intraday Silver Sentiment Index got crushed to the tune of 3.87%. The CME Daily Delivery Report showed that zero gold and one lonely silver contract was posted for delivery on Monday. There were no reported changes in GLD, and as of 10:01 p.m. EST, there were no reported changes in SLV, either. Joshua Gibbons, the "Guru of the SLV bar list", updated his website yesterday with the latest goings-on over at SLV. This is what he had to say: "Analysis of the 06 November 2013 bar list, and comparison to the previous week's list. 145,322.7 troy ounces was removed (all from Brinks London, except 1 bar from JPM London V), no bars were added or had a serial number change." "The bars removed were from: KGJM (0.1M oz), Tongling Nonferrous Metals (35,706 oz) and OJHSC (919 oz). As of the time that the bar list was produced, it was overallocated 8.8 oz. All daily changes are reflected on the bar list." The link to his Web site is here. The U.S. Mint had a small sales report yesterday. They sold 3,500 ounces of gold eagles, and 500 one-ounce 24K gold buffaloes. There was a little bit of activity in gold in the Comex-approved depositories on Wednesday. They reported receiving 19,687 troy ounces, and shipped 1,700 troy ounces out the door. The link to that activity is here. As always, it was much busier on the silver side of things, as these same depositories reported receiving 245,958 troy ounces and shipped out 434,167 troy ounces. The link to that action is here. I have very few stories today, and I hope you find the odd one that interests you out of the short list below.
This is an abbreviated version of Ed Steer's Gold & Silver Daily Sign-up to have to the complete market review delivered to your email inbox each morning for free.