NEW YORK ( TheStreet) -- Along with the rallies in early Far East trading on their Thursday morning, the rallies in all four precious metals that I watched unfold between 5:05 a.m. and 5:30 a.m. EST was all there was to yesterday's 'fireworks'. From its high at that point, gold got quietly off into the London p.m. gold fix---and 'da boyz' took care of the rest, as they dropped the price back below the $1,200 spot mark---and it's 50-day moving average. That's where it stayed for the remainder of the day. The low and high were recorded by the CME Group as $1,188.50 and $1,213.90 in the February contract. Gold closed in New York on Thursday afternoon at $1,197.90 spot, up $9.00 from Wednesday. Volume, net of December and January, was 145,000 contracts. Silver's price path was very similar, except the price got sold off its London high until it was back to $15.90 spot, which occurred around 11:20 a.m. EST. From there it chopped sideways into the 5:15 p.m. EST close of electronic trading. The low and high ticks were reported as $15.74 and $16.23 in the March contract. Silver was closed at $15.875 spot, up 12.5 cents on the day. Net volume was 34,500 contracts. Platinum's price chart was similar to silver's, as its 10:30 a.m. GMT high got sold down to just above unchanged by 12:15 p.m. EST---and from there it chopped sideways until it popped a few bucks going into the close of electronic trading. Platinum finished the Thursday session at $1,198 spot, up 12 dollars from Wednesday. Up until 10:30 a.m. GMT, palladium followed a very similar price path to the other three precious metals. But after getting sold down a few dollars from its high, the price chopped sideways until a tiny rally began shortly after 10 a.m. EST---and palladium closed almost on its high of the day, up $15 at $791 spot. The dollar index closed in New York late on Wednesday afternoon at 89.075---and chopped around mostly above the 89 mark, hitting its 89.37 high shortly before 9 a.m. EST. From there it got sold down quietly into the close. The index finished the Thursday session at 89.23---up about 15 basis points on the day. The gold stocks gapped up about 3 percent at the open---and then chopped sideways in a mostly narrow range, before catching another bid shortly after 2:30 p.m. EST---and the HUI closed almost on its high tick, up another 5.26%. The silver equities rallied around 3 percent in the first few minutes of trading, before getting sold down just into negative territory about 10:45 a.m. EST. From there, they took off to the upside with barely a backward glance---and Nick Laird's Intraday Silver Sentiment Index closed almost on its high tick as well, up 5.31%. The CME Daily Delivery Report showed that 144 gold and zero silver contracts were posted for delivery within the COMEX-approved depositories on Monday. Canada's Scotiabank was the short/issuer for all of them---and JPMorgan stopped all of them: 3 for its customer account---and the rest in its in-house [proprietary] trading account. The link to yesterday's Issuers and Stoppers Report is here. The CME Preliminary Report for the Thursday trading session showed that gold open interest in December declined by 24 contracts down to 740 contracts---minus the 144 posted for delivery in the previous paragraph. Silver's December open interest was unchanged at 101 contracts. There were no reported changes in GLD yesterday---and as of 7:27 p.m. EST yesterday evening, there were no reported changes in SLV, either. Since yesterday was Thursday, Joshua Gibbons, the " Guru of the SLV Bar List", updated his website with the goings-on over at the iShares.com Internet site for their week ending at the close of business on Wednesday---and this is what he had to report. " Analysis of the 17 December 2014 bar list, and comparison to the previous week's list: 4,214,748.9 oz were removed (all from Brinks London), no bars were added or had serial number changes." "The bars removed were from Britannia (0.8M oz), Russian State Refineries (0.7M oz), Australian Gold (0.4M oz) and 34 others. As of the time that the bar list was produced, it was overallocated 319.0 oz." "There was a withdrawal of 2,011,401.0 oz on Wednesday that is not yet reflected on the bar list. Again, over 99% of the bars removed were old bars, that had been in SLV for many years." The good folks over at Switzerland's Zürcher Kantonalbank updated their gold and silver ETFs for the week ending Friday, December 12. It showed that their gold ETF declined by 28,216 troy ounces---and their silver ETF actually added 9,243 troy ounces. And, for the second day in a row, there was no sales report from the U.S. Mint. Ted and I are still amazed at the weak gold sales so far this month, as nothing has been reported sold for more than two weeks now---and it's the Christmas season. Normally gold sales would be reasonably brisk---but not this year it would appear. The only buyer right now are the 'Mr. Bigs' in silver eagles---and with no sales reported in them for the last two days, I'd guess we're done for the year in silver eagles as well. It was another quiet in/out day in both gold and silver over at the COMEX-approved depositories on Wednesday. In gold, only 2,612 troy ounces were reported received---and 1,479 troy ounces were shipped out. In silver, 50,824 ounces were received---and 34,082 troy ounces were shipped out the door. I have another decent number of stories for you today---and I hope you have the time to read the ones that interest you.
This is an abbreviated version of Is Russia Really On the Ropes—Could It Sell Its Gold?, 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.