NEW YORK ( TheStreet) -- The gold price traded quietly lower all through Far East and early London trading on their respective Thursdays. A rally began at, or just after, the noon London silver fix. That rally got capped and sold down starting just before 9 a.m. EST, with the New York low coming at 9:45 a.m. It struggled higher from there until shortly before the London close---and from there chopped quietly lower into the 5:15 p.m. close of electronic trading. The gold price was kept in a ten dollar price range yesterday, despite the face plant in the U.S. dollar index, so I shall dispense with the low and high ticks. Gold finished the Thursday session at $1,206.50 spot, down $3.10 from Wednesday's close. Net volume was on the lighter side at 122,000 contracts. Like gold, silver didn't do much going into the lead-up to the noon silver fix in London---and then minutes after the COMEX open, the price went vertical, and was capped immediately by a not-for-profit seller. After that, the silver price made several other attempts to rally above the $16.65 spot price mark, but was turned back each time. For the second day in a row the silver price was only allowed to trade in a two bit price range, so I shall dispense with the low and high ticks in this precious metal as well. Silver closed in New York yesterday at $16.49 spot, up six cents from Wednesday's close. Net volume was 34,500 contracts. The platinum price chopped sideways in a tight range until about 20 minutes before the Zurich open. Then it rallied to its $1,244 high about twenty minutes before the COMEX close. From there it got sold down about 14 dollars, before rallying 5 bucks in the last fifteen minutes of the electronic trading session. Platinum gave up half of its gains---and only closed up 14 bucks on the day. Palladium rallied above the $800 spot price mark a couple of times during the Thursday session, but got sold down for only a 2 dollar gain by the close---finishing the New York session at $796 spot. The dollar index closed late on Thursday afternoon at 88.96---and traded virtually ruler flat until its 89.02 high tick, which came minutes before 8 a.m. in New York. The down it went, with the 88.24 low tick coming about 11:10 a.m. EST. The subsequent rally topped out around the 1:30 p.m. COMEX close---and it faded a few basis points during the rest of the Thursday session. The index closed down 88.81---down 15 basis points on the day. You'll note that JPMorgan et al were there to cap the precious metal rallies as the roof caved in on the 78 basis point decline in the U.S. dollar index between the COMEX open and the London close. The gold stocks started off in negative territory, but quickly popped into the green around the 10 a.m. EST London p.m. gold fix---and like we've seen so many times in the past, the shares got sold down out of all proportion to the tiny loss that metal turned in on the day. The HUI finished down 2.48 percent. It was exactly the same for the silver equities, as Nick Laird's Intraday Silver Sentiment Index closed down 2.26%---despite the positive close for the metal. The CME Daily Delivery Report for Day 6 of the December delivery month showed that zero gold and 13 silver contracts were posted for delivery within the COMEX-approved depositories on Monday. Scotiabank issued 12 of them---and HSBC USA stopped 11. The link to yesterday's Issuers and Stoppers Report is here. The CME Preliminary Report for the Thursday trading session showed that December open interest in gold dipped by 130 contracts---and now sits at 1,975 contracts. As I said yesterday, I'm somewhat surprised at the slow pace of gold deliveries so far in December. In silver, December o.i. dropped by 38 contracts---and is down to 573 contracts still open---minus the 13 contracts from the previous paragraph. There were no reported changes in GLD yesterday---and as of 9:27 p.m. yesterday evening, there were no reported changes in SLV, either. There was a tiny sales report from the U.S. Mint yesterday. They sold 500 troy ounces of gold eagles---and 1,000 one-ounce 24K gold buffaloes. Over at the COMEX-approved depositories on Wednesday, they didn't receive any gold, but shipped 57,640 troy ounces out the door. The link to that activity is here. In silver, 599,497 troy ounces were received, but only 41,038 troy ounces were shipped out. The link to that activity is here. Nick sent some charts our way late yesterday evening---and the first two are the intraday averages for gold and silver for November. They are the two minute ticks for every day of the month, so what it gives is the underlying price trends for each metal, by smoothing out the daily 'noise'. I have never seen monthly intraday charts for gold and silver that look like these before. The London negative bias is gone, as gold and silver prices were positive between the London open and the New York electronic close. Now the negative bias exists between the New York 6 p.m. open and the London open the following morning. I doubt that this trend is permanent, but it's interesting to look at. The last time it existed was back in 1974---forty years ago. This last chart is the weekly gold withdrawals as reported by the Shanghai Gold Exchange. For the week ending November 21, it was 53.556 tonnes---another very healthy number---and here's Nick Laird's most excellent updated chart showing the change. BY THE WAY---before getting to today's stories, Nick Laird has opened up his sharelynx.com website to the public for FREE for one week---and you can check it out by clicking here. Bookmark his home page. I don't have all that many stories today---and I hope there are a few that you find worth reading.
This is an abbreviated version of Draghi: We Have Nothing to Fear But Gold-Buying Itself, 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.