NEW YORK ( TheStreet) -- The gold price was comatose until the HFT boyz showed up shortly after 9 a.m. Hong Kong time on their Thursday. Then gold proceeded to chop sideways under the $1,300 spot price mark until the 9:30 a.m. EDT open of the equity markets---and at that point "da boyz" peeled some more off the price, with the low tick of the day coming minutes before 11:30 a.m. in New York. It traded sideways from there into the 1:30 p.m. Comex close and then crawled higher during the entire duration of electronic trading. The CME Group recorded the high and low ticks as $1,305.60 and $1,287.50 in the August contract. Gold closed the Thursday session at $1,293.90 spot, down $10.10 from Wednesday's close. Not surprisingly, net volume was pretty decent at 139,000 contracts. The silver price chart was similar, except the sell-off that began at 9:30 a.m. EDT was much more vicious---and the low tick didn't occur until minutes before 2 p.m. in electronic trading. From there the price recovered a few pennies into the 5:15 p.m. electronic close. The high and low ticks for silver were reported as $20.97 and $20.35 in the September contract. Silver closed at $20.365 spot, down 54 cents on the day. Volume, net of July and August, was just under 67,000 contracts. But of the total volume, about 7,500 contracts was traded in December and March, so those may have been rolls out of the September contract. It's a little early for doing that, but I suppose it is possible. With or without the volume, it was a pretty busy trading day. Platinum wasn't spared, either---and it closed down $15. Palladium got a mini version of the same treatment, but managed to recover and only close down a buck. Here are the charts. The dollar index closed at 80.81 late on Wednesday afternoon---and chopped higher, with a 14 basis point down/up move thrown in between the London open and the London p.m. gold fix. The index finished the Thursday session at 80.87---up 6 basis points on the day. The gold stocks sold down right at the open---and chopped quietly lower for the remainder of the trading session, but rallied a hair in the last fifteen minutes of trading. The HUI closed down 1.56%. The silver equities followed an identical path, but sold off a bit more than the gold stocks. By the end of the Thursday session, Nick Laird's Intraday Silver Sentiment Index closed down 1.89%. The CME Daily Delivery Report drew a blank yesterday, as there were no gold or silver contracts posted for delivery within the Comex-approved depositories on Monday. There was a fairly decent withdrawal from GLD yesterday, as an authorized participant withdrew 115,474 troy ounces---and as of 9:50 p.m. yesterday evening, there were no reported changes in SLV. But when I edited today's column starting at 3:55 a.m. this morning, I noted that iShares.com had updated their website and showed that an authorized participant had added 815,847 troy ounces of the stuff. The good folks over at the shortsqueeze.com Internet site updated their website with the new short positions in both SLV and GLD for mid July. The increase in SLV's short position was only 7.41% or 1.41 million shares/troy ounces. I was expecting a far bigger number than that. I'm inclined to think that it's a reporting error---and I know Ted will have something to say about it when I talk to him later today. I'll let you know what he says. Anyway, the current short position in SLV as of July 15 now stands at 20,437,900 shares/troy ounces, or a bit over 635 metric tonnes. The short position in GLD declined by a smallish 3.33%, or 50,600 troy ounces. The current GLD short position [as of July 15] now stands at 1.47 million troy ounces, or just under 46 metric tonnes. For the second day in a row, there was no sales report from the U.S. Mint. The gold movement at the Comex-approved depositories isn't worth commenting on, but it was another big day in silver, as 1,264,979 troy ounces were shipped out. Nothing was reported received. The silver came out of Canada's Scotiabank---and HSBC USA. The link to that activity is here. Once again I have a decent number of stories, most of them from Roy Stephens---and I hope there are some in the list below that 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.