NEW YORK ( TheStreet) -- The gold price didn't do much during Far East trading on their Thursday, but was up a couple of bucks by the London open. The selling began at the point---and the low of day came shortly after 12 o'clock noon BST. The gold price rallied a bit from there until a few minutes after the London close---and didn't do much after that. Volume was very light. The high and lows are barely worth mentioning---$1,294.20 and $1,281.90 in the June contract. Gold closed in New York on Thursday at $1,286.80 spot, down $3.10 from Wednesday's close. Volume, net of April and May, was only 95,000 contracts. It was more or less the same chart pattern in silver, as it's brief foray back above the $20 spot price mark got smacked the moment that London opened as well---and that was that. The high and low ticks were recorded by the CME as $20.08 and $19.66 in the May contract. Silver finished the Thursday session at $19.815 spot, down 16 cents from Wednesday. Net volume was pretty light at 28,500 contracts. Both platinum and palladium got sold off a bit as well, but rallied a hair starting late in the morning in London---and both closed up a few bucks on the day. Here are the charts. The dollar index closed in New York on Wednesday afternoon at 80.22---and traded pretty flat until its spike low of 80.16 which came at exactly 8:30 a.m. in New York. The subsequent rally was mostly done by 9:15 a.m. EDT---and the index didn't do much after that. It closed at 80.46---which was up 24 basis points on the day. The gold stocks gapped down a bit at the open, hit their low of that day a minute or so after 10 a.m. EDT---and didn't do much until 2 p.m. Then they rallied into the close---and the HUI cut its loses---finishing down only 0.50%. However, the silver equities got sold down harder, but with a very similar chart pattern---and at their low, were down 2%. But, like the gold shares, the silver shares rallied a bit into the close as well---and Nick Laird's Intraday Silver Sentiment Index closed down 1.54%. The CME's Daily Delivery Report for Day 5 of the April delivery month showed that 60 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Monday. The link to yesterday's Issuers and Stoppers Report is here. There were no reported changed in GLD---but after a small withdrawal from SLV on Wednesday, there was a deposit of 672,909 troy ounces yesterday. Based on the price action over the last few days, I'd guess that the deposit was made to cover a short position, a fact that won't be known for sure until late this month when the good folks over at shortsqueeze.com issues their report that covers the current reporting period. Over at Switzerland's Zürcher Kantonalbank for the ten day period ending March 31, they reported declines in both their gold and silver ETFs. Their gold ETF was down 4,864 troy ounces---and their silver ETF declined by 134,422 troy ounces. The U.S. Mint had a small sales report yesterday. They sold 1,000 troy ounces of gold eagles---and 3,000 one-ounce 24K gold buffaloes. There wasn't much in/out activity in gold over at the Comex-approved depositories on Wednesday, as only 3,200 troy ounces were reported shipped in---and 208 troy ounces were shipped out. The link to that activity is here. But, as is usually the case, there was much more in/out activity in silver as 591,718 troy ounces were received---and 700,629 troy ounces shipped out. Most of the action was at the CNT Depository---and the link to that is here. It was another day when there weren't that many stories floating around. I have a few more than I did yesterday, but not by a lot.
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.