NEW YORK ( TheStreet) -- The gold price gapped up a few bucks at the 6 p.m. EDT open on Thursday evening in New York---and then pretty much stayed at that level until the 8:20 a.m. Comex open the next morning. At that point it got sold down five bucks or so, only to come roaring back at the 8:30 a.m. jobs number release. Gold rallied until the London p.m. gold fix---and that was more or less it for the day. The low and high ticks were recorded by the CME Group as $1,281.00 and $1,298.40 in the December contract, which is the new front month for gold. You will also note that the price got stopped cold before it could breach the $1,300 spot price mark. Gold finished the Friday trading session at $1,294.20 spot, up $13.70 from Thursday's close. Volume, net of August and September, was around 151,000 contracts. And it should come as no surprise that silver, once again, got sold down the moment that trading began in New York on Thursday evening---and it stayed down, with the low tick coming shortly after the noon silver fix in London. From there it rallied unsteadily into the London p.m. gold fix, which was the high of the day---and from that point onwards, silver ran into selling pressure more or less right into the close. The low and high ticks were recorded as $20.245 and $20.58 in the September contract. Silver closed on Friday at $20.295 spot, down 8.5 cents from Thursday. Volume was way up there at 53,000 contracts, of which 6,700 were traded in December 2014 and March 2015. Platinum rallied a bit in Far East trading, but that came to an end an hour after Zurich opened---and from there it got sold down to its low at 8:30 a.m. in New York. The subsequent rally also got capped as it approached the London p.m. gold fix---and it got sold off a few dollars after that, finishing the Friday session up a whole 2 bucks. The palladium price chart was sort of a mini version of the platinum chart, except the price got capped at 9 a.m. in New York---and the metal got sold down for an 8 dollar loss on the day. The dollar index closed late on Thursday afternoon in New York at 80.46---and then rallied a hair above the 81.50 mark in early Far East trading---and stayed there until the 8:20 a.m. Comex open. By 10:50 a.m. EDT it was down to its 81.22 low---and from there it rallied a bit into the close, finishing the day down 16 basis points at 81.30. The gold stocks gapped up about 2 percent at the open, but couldn't hold those gains. However, the HUI managed to close up 1.34% in rather choppy trading. The silver equities gapped up as well, but got sold off into negative territory within an hour or so, as the silver price got sold into negative territory. The low came shortly before noon in New York---and it recovered a hair as the Friday trading session drew to a close. Nick Laird's Intraday Silver Sentiment Index closed up an even 1.00%. The CME Daily Delivery Report for Day 3 of the August delivery month showed that 416 gold and 19 silver contracts were posted for delivery within the Comex-approved depositories on Tuesday. The two biggest short/issuers were Jefferies with 320 contracts---and in distant second place was JPMorgan with 60 contracts in its in-house [proprietary] trading account. The only long/stoppers that mattered were JPMorgan in its client account, Barclays, Morgan Stanley---and Canada's Scotiabank. The link to yesterday's Issuers and Stoppers Report is linked here. The CME's Preliminary Report for Friday's trading session was posted on their website about 1 a.m. EDT this morning---and it showed that August open interest in gold fell down to 5,558 contracts, a decline of 2,562 contracts from Thursday, of which 1,800 were physical deliveries from Day 2 of the August delivery month. You can also subtract the 416 gold contracts from the Day 3 of the August delivery month to get a truer picture of net potential deliveries still to go. There were no reported changes in GLD yesterday---and as of 7:53 p.m. EDT yesterday evening, there were no reported changes in SLV, either. There was no sales report from the U.S. Mint yesterday---and no revisions made to their July sales numbers, so the data in yesterday's column still stand. But using the abysmal sales numbers reported for the month of July, the silver/gold ratio worked out to a hair over 55 to 1. It was a busy day in both gold and silver at the Comex-approved depositories on Thursday. In gold, there was 66,155 troy ounces reported received---and 98,880 troy ounces were shipped out. The link to that activity is here. In silver, the numbers were even more impressive, as 176,080 troy ounces were received---and 1,501,291 troy ounces were reported shipped off to parts unknown. The link to that action is here. Here's the 5-minute tick gold chart. It runs from 9 p.m. MDT on Thursday evening, up until 2 p.m. MDT on Friday afternoon, which is thirty minutes after the Comex close. And as I point out every time, the times on this chart are Mountain Daylight Time---and you have to add 2 hours to that to get EDT. Note that virtually the entire volume of the day occurred between the Comex open and fifteen minutes after the London p.m. gold fix was in. Both before and after those times, volumes were somewhere between miniscule and non-existent. On the big rally during that period, it was most likely the technical funds piling back in on the long side, or covering shorts---and the not-for-profit Commercials traders were doing the opposite in order to prevent the gold price [along with the prices of the other three precious metals] from blowing sky high. The Commitment of Traders Report, for positions held at the close of Comex trading on Tuesday, came out at 3:30 p.m. EDT yesterday afternoon---and that data was as I suspected it might be---some improvement in the Commercial net short positions in both gold and silver, but nothing of real substance. In silver, the Commercial net short position declined by 1,764 contracts, or 8.8 million troy ounces. The new Commercial net short position now stands at 282.9 million troy ounces. Ted Butler said that JPMorgan's bought back 1,000 contracts during the reporting week---and their short-side corner in the Comex silver market is now down to 19,000 contracts, or 95 million ounces. In gold, the improvement was a bit more, but still incremental. The short position in gold declined by 11,259 contracts, or 1.13 million troy ounces. The Commercial net short position in this precious metal is now down to 14.89 million troy ounces. Ted said that JPMorgan actually sold a couple of thousand contracts of their long-side corner in the Comex gold market---and it's now down to 23,000 contracts, or 2.3 million troy ounces. Here's Nick Laird's " Days of World Production to Cover Comex Short Positions" by the Big 4 and Big 8 traders for every physically traded commodity. Nothing has changed on this chart for many years. It's still three of the four precious metals pinned to the far right-hand side of this graph---and gold would be there as well if JPMorgan didn't hold it's current long-side corner. I don't have an overly large number of stories for you today, which suits me just fine.
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.