NEW YORK ( TheStreet) -- There was no price activity worthy of the name in Far East trading on their Thursday---and not much in Comex trading either. But, having said that, the three tiny rallies that did occur---starting with the one at the Comex open---all got sold down before they could get anywhere. The high and low ticks aren't worth looking up. Gold closed on Thursday in New York at $1,14.30 spot, up $1.30 from Wednesday close. Net volume was pretty decent at 144,000 contracts. Here's the New York Spot Gold [Bid] chart on its own, so you can see the very subtle price capping that occurred during the New York trading session yesterday. It wasn't much, but it was there. Silver spent the entire Far East and early London trading session shedding 10 cents from its price. The rally that began at the 8:20 a.m. EST Comex open yesterday, got capped about 10:20 a.m.---and after that, the price traded sideways for the remainder of the day. The price traded within a 25 cent range yesterday and, like gold, the high and low aren't worth my effort to look up. Silver finished the Thursday trading session at $15.425 spot, up 11 cents on the day. Net volume was pretty chunky as well, at 40,000 contracts. Platinum and palladium both traded a few dollars higher until the Comex open---and then sold down quietly after that into the 5:15 p.m. EST close of electronic trading Platinum was closed down another 12 dollars---and palladium finished lower by 8 dollars. Here are the charts. The dollar index closed late on Wednesday afternoon in New York at 87.47. From there it traded flat until about 11 a.m. Hong Kong time on their Thursday morning---and then it fell down to 87.19 within an hour or so. It didn't do much until the 8:20 a.m. EST Comex open---and then it blasted up to around 87.90 within minutes. It rallied a bit more after than---and closed the Thursday session at 88.07---up another 60 basis points, at another new record high for this move. Here's the 6-month U.S. dollar index chart so you can get the longer-term view. I don't know if you'll agree or not, but it's my opinion that this rally is getting a little long in the tooth. The gold stocks gapped up about 2 percent at the open in New York yesterday---and hit their highs [up 6 percent at 3:30 p.m.---and in the following forty-minutes the stocks gave up a third of their gains as the HUI finished up only 3.90%. It was exactly the same chart pattern in the silver equities. At their highs, they were up more than 7 percent until a thoughtful soul sold them down in the last forty-five minutes of trading, just like the gold stocks. Nick Laird's Intraday Silver Sentiment Index closed up 4.82%. I received an e-mail from reader Johan Kuster yesterday---and he pointed out the following: " When I look at the chart of GDXJ for the last 5 days, I noticed that there is high volume trading at the end of the day and EXACTLY at 3:59 the volume rises to the extreme. Today GDXJ was pushed down close to 3% in 1 minute thanks to somebody selling the stock. This looks like a criminal activity to me. What idiot would sell that amount of shares in 1 minute?" It could be 'da boyz' or day traders. But whoever they were, they weren't selling for maximum profits. Nothing would surprise me, dear reader---and by now this sort of activity shouldn't surprise anyone. It looked like the HUI and Silver 7 index suffered from a similar disease yesterday---and it seems to be cropping up more and more. Here's the GDXJ chart from yesterday so you can see what he's referring to. The CME Daily Delivery Report showed that only 1 lonely gold contract was posted for delivery within the Comex-approved depositories on Monday. The CME Preliminary Report for the Thursday trading session showed that November open interest in gold increased by 5 contracts to 61 contracts---and November o.i. in silver is now at 102 contracts, down 33 contracts from yesterday because of delivery that was posted yesterday. Not surprisingly, there was another withdrawal from GLD. This time it was 96,113 troy ounces. And as of 9:52 p.m. EST yesterday evening, there were no reported withdrawals from SLV. Since yesterday was Thursday, Joshua Gibbons, the " Guru of the SLV Bar List," updated his website with the in/out movements over at iShares.com for the week ending at the close of business on Wednesday---and here is what he had to report. " Analysis of the 05 November 2014 bar list---and comparison to the previous week's list: 1,952,482.9 troy ounces were added. No bars were removed or had a serial number change." "The bars added were from Kazakhmys (0.5M oz), Shui Kou Shan (0.4M oz), Yunnan Copper (0.2M oz), and 8 others." "The overallocated cannot be calculated, as the monthly withdrawal is factored in the bar list, but was not factored in to the daily iShares reports. Missing from the bar list is the 2,073,283.6 withdrawal from Tuesday (which includes the approximately 150,000 troy ounce monthly expense withdrawal)." The link to Joshua's website is here. There was another sales report from the U.S. Mint yesterday. They sold 6,500 troy ounces of gold eagles---and 1,500 one-ounce 24K gold buffaloes. They didn't report selling any silver eagles, of course---and it remains to be seen if they produce any more this year, as the time to retool for the 2015 silver eagles is coming up hard. Just as an aside here, I've heard reports from readers that the premiums on silver eagles have already gone up at their local bullion stores in the U.S.---and our supplier confirmed that, as of yesterday, one U.S. bullion producer has already raised prices across the board for their entire product line. It was another busy day for in/out activity at the Comex-approved depositories on Wednesday. In gold, 47,104 troy ounces were reported received---and 50,244 troy ounces were shipped out. The 'in' activity was at Canada's Scotiabank---and the 'out' activity was at HSBC USA. The link to the action is here. In silver, nothing was reported received, but a very decent 937,957 troy ounces were shipped off to parts unknown---and the link to that activity is here. China officially released their September gold import data via Hong Kong through regular channels on their Friday morning---and that enabled Nick Laird to update his charts. I, along with other commentators, had given up using Hong Kong imports as a proxy for China's gold consumption. That still may be the case, but here's the chart anyway. It will be interesting to see how much gold they import through Hong Kong in October. I have a lot of stories today, and a very decent number of them fall into the must read category---and I hope you have the time for them. Of course---and as is always the case---the final edit is yours.
This is an abbreviated version of Gold Firms Plan Drastic Cuts to Stay Afloat as Bullion Sinks, from Ed Steer's Gold & Silver Daily.Sign-up to have to the complete market review delivered to your email inbox each morning for free.