NEW YORK ( TheStreet) -- It was a 'nothing' sort of trading day in gold yesterday. The smallish rally that developed shortly after the London a.m. gold fix got put in its place two hours later---and the low tick of the day came just before 9 a.m. in New York an hour after the high tick. The gold price recovered a few dollars after that---and then chopped sideways for the remainder of the Thursday session. The high and low ticks aren't worth the trouble of looking up. Gold finished the trading session yesterday at $1,289.80 spot, down one thin dime from Thursday's close. Net volume was an even 100,000 contracts. It was more or less the same price action in silver, except that once the high tick was in just before 1 p.m. London time, the silver price got sold down to its low of the day by the 1:30 p.m. close of the open outcry market in New York. After that it traded pretty flat. The high and low, such as they were, were reported by the CME Group as $19.39 and $19.125 in the July contract. Silver closed in New York on Thursday at $19.15 spot, down 14.5 cents from Wednesday's close. Volume, net of May and June, was pretty decent at 34,500 contracts. Platinum edged quietly higher during Far East and morning trading in London, only to run into the same not-for-profit seller that showed up in gold and silver just before 1 p.m. BST in London. By the time the low was in at 10 a.m. in New York, platinum had given up all its $10 gain---plus about another ten bucks on top of that. But it did manage to recover a lot of that decline and finished up four bucks on the day. Palladium followed a similar, but mini version of the platinum price action---and it closed up ten bucks on the day, and back above the $800 price mark once again. How long it's allowed to remain there remains to be seen. The dollar index closed late on Wednesday afternoon at 79.24---and began to edge lower very shortly after trading began in the Far East on their Thursday morning. Then, at the New York open, it fell off the proverbial cliff---and cut through the 79.00 price mark like a hot knife through soft butter---hitting its 78.92 low seconds later. But, as I pointed out in the last paragraph of The Wrap in yesterday's column, there was a not-for-profit buyer there to rescue it from oblivion at the very moment it happened---with the subsequent rally topping out at 79.41 at precisely 10 a.m. EDT. After that it added a few more basis points, finishing the trading day at 79.44---up 20 points from its Wednesday's close, but over 50 points off its pre-rescue low. Needless to say, there was little correlation between precious metal price action and the moves of the dollar index. The gold stocks opened up a bit---and then chopped around the unchanged mark for the remainder of the Thursday session---closing basically unchanged, up 0.06%. The silver stocks started the day off relatively strong, but faded as the afternoon wore on---and Nick Laird's Intraday Silver Sentiment Index closed down 0.67%. The CME's Daily Delivery Report showed that zero gold and 34 silver contracts were posted for delivery within the Comex-approved depositories on Monday. The only short/issuer was Jefferies out of its client account---and deliveries were spread out between eight different stoppers. The link to yesterday's Issuers and Stoppers Report is here. There were no reported changes in GLD yesterday---and as of 9:57 p.m. EDT yesterday evening, there were no reported changes in SLV. Joshua Gibbons, the " Guru of the SLV Bar List" updated his website yesterday with the data from SLV for their current reporting week---and here's what he had to say--- "Analysis of the 07 May 2014 bar list, and comparison to the previous week's list: 6,489,776.3 troy oz were added (all to Brinks London). No bars were removed, and 1 bar had a serial number change. The bars added were from Solar Applied Materials (1.6M oz), Kazakhmys (0.9M oz), KGHM (0.6M oz), Korea Zinc (0.6M oz), Krasnoyarsk (0.6M oz), and 11 others. As of the time that the bar list was produced, it was overallocated 342.4 oz." "The Tuesday deposit is reflected in the bar list, but the Tuesday withdrawal (1,921,700.0 oz) is not." The link to Joshua's website is here. There was a tiny sales report from the U.S. Mint yesterday. They sold 1,500 troy ounces of gold eagles---and that was it. Over at the Comex-approved depositories on Wednesday there were 1,286 troy ounces of gold reported received---and that was a transfer into Scotiabank from HSBC USA. But a big chunk was shipped out of Scotiabank at the same time---to the tune of 122,628 troy ounces. The link to that activity is here. It was another decent day in silver, as 6,937 troy ounces were reported received---and 767,534 troy ounces were shipped out. The link to that action is here. I have a decent number of stories today---and I hope you find some of them of interest.
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.