NEW YORK ( TheStreet) -- The gold price traded pretty flat in Far East trading on their Thursday---and began to develop a positive bias around 1 p.m. Hong Kong time. From there it rallied slowly but steadily until the 8:20 a.m. EDT New York open---and you don't need me, or anyone else for that matter, telling you what happened next---as you've seen that movie before plenty of times. By the time that JPMorgan et al were done at 11:30 a.m.---all the London and New York gains had vanished into thin air---and from that point on, the gold price traded flat into the 5:15 p.m. electronic close. The CME Group recorded the low and high ticks as $1,290.10 and $1,304.10 in the June contract. The gold price finished the Thursday session in New York at $1,293.70 spot, up $1.80 from Wednesday's close. Net volume was 102,000 contracts. It was precisely the same chart pattern in silver---and that's all I need to say about that. The low and high ticks were reported as $19.36 and $19.825 in the July contract. Silver finished the Thursday session at $19.485 spot, up a whole 10 cents from Wednesday. Volume, net of May and June, was a very hefty 43,500 contracts, of which 7,500 was in the September and December delivery months once again. As I keep saying, it seems way too early for July contract holders to be rolling out of their positions, but you just never know---and as I've also said, all those contracts could be one leg of spread trade. Regardless of what they are, volume yesterday was pretty big. The rallies in platinum and palladium didn't really get started until around 11 a.m. BST in London trading, but they to ran into the same sellers of last resort shortly after the Comex open. Although their respective prices were capped, at least they held onto a decent portion of those gains---and weren't sold down hard like their gold and silver brethren. Here are the charts. As you've already figured out for yourself, the closing prices of all four precious metals would be have been past the orbit of Jupiter if "da boyz" hadn't been stepped in---as the panic short-covering rally that would have commenced at some point, would have finished the job. The only thing left to be done once the smoke cleared after that, would be to make note of which short sellers were forced into bankruptcy attempting to make margin calls, or cover short positions in a "no ask" market---like what happened to Bear Stearns. The dollar index closed late on Wednesday afternoon in New York at 80.07---and then spent all of Thursday chopping very quietly higher. It finished the day at 80.22---up 15 basis points on the day. The gold stocks opened up about a percent, but that didn't last long---and by the end of the day they were back in the red---and the HUI closed down 0.07%---about what it gained on Wednesday. It was almost an identical price pattern with the silver equities---and Nick Laird's Intraday Silver Sentiment Index closed down another 0.42%. The CME Daily Delivery Report didn't show much, as there were zero gold and 6 silver contracts posted for delivery within the Comex-approved depositories on Monday. And yes, JPMorgan was the long/stopper on all six contracts. The link to yesterday's Issuers and Stoppers Report is here. There were no reported changes in GLD---and as of 9:52 p.m. yesterday evening, there were no reported changes in SLV, either. Joshua Gibbons, the " Guru of the SLV Bar List", updated his website with the goings-on within SLV during the reporting week---and here is what he had to say: " Analysis of the 21 May 2014 bar list, and comparison to the previous week's list. No bars were added, removed, or had a serial number change. As of the time that the bar list was produced, it was overallocated 234.2 oz. A withdrawal of 1,152,782.4 oz on Wednesday is not reflected on the bar list." The link to Joshua's website is here. There was no sales report from the U.S. Mint once again. Over at the Comex-approved depositories on Wednesday, there was no in/out movement in gold. But it was much busier in silver, of course, as 606,473 troy ounces were reported received---and 673,568 troy ounces were shipped out. The link to that activity is here. I have a very decent number of stories for you again today---and I hope you can find time to wade through the ones you like.
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.