NEW YORK ( TheStreet) -- With the U.S. markets closed, the activity in Far East trading in all four precious metals came as surprise, at least to me---and all of it took place before there was any news on the oil front out of Europe, as the high tick of the day came minutes after 9 a.m. Europe time on their Thursday morning. After that, the gold price didn't do much---and the Globex trading system closed/shut down at 6 p.m. GMT, which was 1 p.m. EST. With no data out of the CME Group in New York, I guesstimate the low and high ticks at $1,187 and $1,198 in the December contract. The gold finished trading down at $1,189.80 spot, down $8.20 on the day. Gold's net volume was around 83,000 contracts, with a good two thirds of that traded before the London a.m. gold fix. Silver really got taken to the cleaners. At its 12:45 p.m. Hong Kong low tick it was down about 45 cents from Wednesday's close. From there it rallied until shortly after 3 p.m Hong Kong time---just like the gold price---and then sold off starting just before noon in London, which may have been an early silver fix. Silver finished the Thursday 'session' at $16.20 spot, down 34 cents---and it's net volume was around 18,000 contracts, with more than 50 percent of that amount transacted before London opened. Platinum had a similar down/up move---and its recovery rally high topped out shortly before Zurich opened---and it drifted lower from there until 6 p.m. GMT/1 p.m. EST. Platinum was closed down an even 10 dollars. Palladium rallied sharply the moment that trading began in New York at 6 p.m. on Wednesday evening. But the not-for-profit sellers showed up within ten minutes---and palladium hit its Thursday low tick at 1 p.m. in Hong Kong. After that it struggled back above $800 the ounce, with a spike high shortly after 4 p.m. Zurich time---and it got sold down a bit from there, but managed to finish up 3 bucks on the day, closing at $803 spot. The dollar index closed late on Wednesday afternoon in New York at 87.68---and didn't do much until it dipped to its 87.53 low about 3:10 p.m. Hong Kong time. From there it rallied in stair-step fashion for the remainder of the day, closing at 88.01---up 33 basis points from Wednesday. With New York closed, there was no trading in the precious metals stocks, so there was no HUI or Intraday Silver Sentiment Index---nor was there any other report out of New York yesterday. On Thursday afternoon, Nick Laird passed around the three charts posted below---and shows what happens to the gold price when national currencies got to hell in a hand basket, a fate that will befall the U.S. dollar at some point. The only real reason for a column today was to deal with the stories that I knew I would accumulate---and I certainly didn't want to be faced with the task of shoving them all in Saturday's column.
This is an abbreviated version of How JPMorgan Struck Gold With Copper, 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.