NEW YORK ( TheStreet) -- The gold price did absolute nothing on Thursday in Far East trading, but did begin to head quietly higher starting shortly before 11 a.m. in London. Then shortly after the London p.m. gold fix, the price began to rally a bit more, but got capped within 30 minutes---and didn't do much after that. The CME Group recorded the low and high ticks as $1,260.00 and $1,275.10 in the August contract. Gold closed in New York on Thursday at $1,273.10 spot, up $12.50 from Wednesday. Volume, net of June and July, was 120,000 contracts, so it's obvious that this rally didn't go unopposed by JPMorgan et al. The silver price traded within a dime of its Wednesday closing price in New York---and really didn't rally with any enthusiasm until shortly before 1 p.m. London time---and about half an hour before the Comex open in New York. From there it rallied about 35 cents to its high of the day, which came a minute or so before the Comex close. After that it traded flat. The low and high were recorded as $19.15 and $19.565 in the July contract. Silver finished the day at $19.525 spot, up 33 cents from Wednesday's close. Net volume was very chunky at 44,500 contracts. I'd guess that this was a short covering rally---and the tech funds were covering shorts and the silver raptors were selling them longs for a profit. With the news about the possible strike settlement in South Africa, both platinum and palladium were hit hard. Both had 37 dollar loses on the day. Here are the charts. The dollar index closed on Wednesday afternoon in New York at 80.77---and from there didn't do much until the 8:20 a.m. Comex open---and then began to head south immediately. The low tick of 80.54 came at precisely 4 p.m. EDT in New York---and it recovered a couple of basis points after that. The index closed at 80.59---down 18 basis points. The gold stocks gapped up a few points, hitting their highs of the day at the 1:30 p.m. EDT Comex close. After that they sold off a bit, but rallied back to close just off their high, as the HUI finished up 2.42%. It was a similar story with the silver equities, although they hit their highs just after the Comex close. They got sold down from there---and the subsequent recovery was less than robust. Nick Laird's Intraday Silver Sentiment Index closed up 2.23%. The CME Daily Delivery Report showed that 10 gold and zero silver contracts were posted for delivery on Monday within the Comex-approved depositories. Nothing to see here. There were no reported changes in GLD yesterday---and as of 9:45 p.m. EDT yesterday evening, there were no reported changes in SLV, either. Joshua Gibbons, the " Guru of the SLV Bar List," update his website with the weekly data from the iShares.com Internet site---and this is what he had to say: " Analysis of the 11 June 2014 bar list, and comparison to the previous week's list: 145,429.7 oz were removed (all from Brinks London). No bars were added or had a serial number change. As of the time that the bar list was produced, it was overallocated 335.2 oz. This report does not reflect a 1,056,400.4 oz withdrawal on Wednesday." The link to Joshua's website is here. There was a tiny sales report from the U.S. Mint. They sold 1,000 troy ounces of gold eagles---and 200 platinum eagles. Over at the Comex-approved depositories on Wednesday, they reported receiving 32,315 toy ounces of gold---and only shipped out 434 troy ounces. Almost all the activity was at Canada's Scotiabank. The link to that activity is here. For a change, there was very little activity in silver, as only 1,000 ounces were reported received---and 61,305 troy ounces were shipped out. The link to that action is here. I have the usual number of stories today---and a lot of them are about the desperate situation that's evolving in Iraq.
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.