NEW YORK ( TheStreet) -- The gold price didn't do much when Far East trading began on their Thursday---and shortly after trading began, the price started drifting quietly lower. The low tick came shortly after 8:30 a.m. GMT in London---and it began to rally quietly from there. The rally continued for the rest of the day---never getting out of hand to the upside. Gold closed virtually on the high of the day---and above the $1,300 spot price mark. The low and high ticks were recorded by the CME Group as $1,286.20 and $1,303.00 in the April contract. Gold closed the Thursday session in New York at $1,302.80 spot, up $11.00 from Wednesday's close. Volume, net of February and March, wasn't exactly light at 134,000 contracts. Silver's price pattern was virtually the same, with only real difference being the high tick of the day, which came at precisely 4 p.m. EST in electronic trading. After that, the price got sold down a bit into the close. The low and high ticks were $20.125 and $20.52 in the March contract. Silver finished the trading day on Thursday at $20.485 spot, up 24.5 cents from Wednesday. Net volume was 30,000 contracts. Platinum and palladium sagged a bit in Far East and London trading, but rallied rather sharply in New York until 1 p.m. EST. Here are the charts. The dollar index closed at 80.70 late on Wednesday afternoon in New York, then fell down 20 basis points around 8:30 a.m. Hong Kong time on their Thursday morning---and it continued its losing ways until 8:30 a.m. in New York. From there it chopped sideways in a 10 basis point range until it closed at 80.30---which was down 40 basis points on the day. The gold stocks opened in the red, but didn't stay there long, powering their way higher for the remainder of the day. The HUI closed up a very decent 3.73% ---and virtually on its high tick of the day. The silver equities followed a very similar path---and Nick Laird's Intraday Silver Sentiment Index closed up a healthy 4.25%. The precious metal equities gained back everything they lost on Wednesday, plus a bunch more. The CME Daily Delivery Report was a real yawner, as only 8 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Monday. There was a big addition to GLD yesterday, as authorized participants added a chunky 240,991 troy ounces of the stuff---and as of 9:53 p.m. EST yesterday evening, there were no reported changes in SLV. It's a good bet that SLV is owed many days worth of world silver production---and the question still unanswered is whether or not the authorized participants add physical silver, or short the shares in lieu of. Over at Switzerland's Zürcher Kantonalbank for the week ending February 7, they reported that their gold ETF had a tiny increase. It was only 4,416 troy ounces, but it's the first up week they've had since that latter part of October last year. Their silver ETF showed a decline of 164,129 troy ounces. The U.S. Mint had a small sales report yesterday. They sold 33,500 silver eagles---and that was it. Over at the Comex-approved depositories on Wednesday, they reported receiving 20,125 troy ounces of gold---and didn't ship any out. The link to that activity is here. It was a strange report on silver from within the Comex-approved depositories on Wednesday. The report showed that nothing was shipped in, but a chunky 1,384,755 troy ounces were shipped out---all from the HSBC USA depository. The strange thing about the report [which Ted Butler pointed out to me early yesterday afternoon] was that the line items that contain the Delaware depository information were completely missing, as was their silver from the total number of ounces---both registered and eligible. I'm sure that the reasons are technical---and I'm also sure that they'll have it corrected today sometime. They may even have it corrected before you check the Wednesday silver warehouse stocks in this report---and the link to that is here. Once again I don't have that many stories for you today and, like yesterday, I'm very happy about that.
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.