NEW YORK ( TheStreet) -- The gold price traded pretty flat up until 2 p.m. Hong Kong time---and then got sold off a bit going into the 8 a.m. GMT London open two hours later. The low of the day came minutes after that---and by 9 a.m. EST the gold price was back to where it was when it closed in New York on Wednesday. Then away went the price to the upside---and the rally ended minutes after 12 o'clock noon EST. From there it traded pretty flat [except for its 3:15 p.m. spike high tick] into the close of electronic trading. The CME Group recorded the low and high ticks at $1,331.30 and $1,353.90 spot in the April contract. Gold closed the trading day in New York at $1,350.40 spot, up $13.60 on the day. Net volume wasn't overly heavy at 112,000 contracts. It was a very identical price scenario for silver as well, but once the high was in shortly after noon in New York, the price got sold down well off its high tick. The low and high were recorded as $21.105 and $21.65 in the May contract. Silver finished the day at $21.435 spot, which was up 28 cents from Wednesday's close, but down almost 2% off its high tick. Volume, net of March and April, was very decent at 39,000 contracts. Platinum and palladium prices didn't do much until around 9 a.m. GMT in London on their Thursday---and the highs were in by 9:30 a.m. EST in New York. After that, they didn't do much for the remainder of the day. Here are the charts. The dollar index closed in New York late on Wednesday afternoon at 80.09. Once trading began in the Far East on their Thursday, the index rallied to its 1 a.m. Hong Kong high, before turning gently lower. The decline turned into a face plant starting at 8:30 a.m. EST---and by noon the index was down to 79.61---and barely rallied from there going into the close. The index finished the Thursday session at 79.65---down 44 basis points from Wednesday. The big rallies in gold and silver didn't begin until 9 a.m. which was a good half an hour after the dollar index fell out of bed. As a matter of fact, the dollar index loses were about half done by the time that both gold and silver reacted to that fact, although their respective rallies ended about the same time as the dollar index stabilized. The other thing that has me wondering is why platinum and palladium didn't react in a similar way during the dollar's swan dive during the morning trading session in New York. I was underwhelmed by the reaction of the gold stocks. They opened a bit higher---and only rallied a bit more going into the 12:10 high tick for gold. After that the shares didn't do much---and the HUI only finished up 1.42%. The silver equities didn't exactly set the world on fire yesterday, either---and Nick Laird's Intraday Silver Sentiment Index closed up only 1.46%. The CME's Daily Delivery Report showed that zero gold and seven silver contracts were posted for delivery on Monday within the Comex-approved depositories. JPM stopped six of those contracts in its in-house [proprietary] trading account. The link to yesterday's Issuers and Stoppers Report is here. There were no changes in GLD---and as of 9:18 p.m. EST yesterday evening, there were no reported changes in SLV, either. The U.S. Mint had a sales report yesterday. They sold 500 troy ounces of gold eagles---2,000 one-ounce 24K gold buffaloes---and 56,000 silver eagles. There was no in/out activity in gold over at the Comex-approved depositories on Wednesday. But there was a big shipment in silver, as 755,931 troy ounces were reported received, with virtually all of it ending up at Scotiabank. Nothing was shipped out. The link to that action is here. Here's the latest FRED chart showing the St. Louis Adjusted Monetary Base. It's still looking like a NASA space launch to me. I thank Casey Research's own Jeff Clark for sharing it with us. I have another boat load of stories for you again today---and the final edit is all yours once again.
This is an abbreviated version of Ed Steer's Gold & Silver DailySign-up to have to the complete market review delivered to your email inbox each morning for free.