NEW YORK ( TheStreet) -- The gold price did nothing in Far East trading---and once the dollar index began to head south with a vengeance, it was obvious that JPMorgan et al were there to prevent the price from breaking out to the upside. It managed to rally above unchanged going into the jobless claims number at 8:30 a.m. EDT, but the HFT boyz and their algorithms were there with their jackboots---and that as they say, was that. The low tick came at the London p.m. gold fix---and from there it rallied quietly and unsteadily into the 5:15 p.m. close of electronic trading. The high and low ticks were reported by the CME Group as $1,207.40 and $1,176.00 in the June contract. Gold finished the Thursday session at $1,184.00 spot, down $20.60 from Wednesday's close---and well off its low. Net volume was monstrous at 204,000 contracts. Here's gold's 5-minute tick chart---and you can tell at a glance that all the volume that mattered occurred between 6:30 a.m. and 11:30 a.m. Denver time on this chart---add two hours for EDT. The volume spike at the 1:30 p.m. EDT COMEX close intrigues me, as it stands out like the proverbial sore thumb that it is. Don't forget to ' click to enlarge' feature. The trading day in silver was identical, so I'll spare you a repeat of what I just said about gold. But from its 10 a.m. EDT low, the silver price rallied smartly into the 1:30 p.m. COMEX close---and then chopped sideways for the remainder of the New York session. The high and low ticks were recorded as $16.73 and $15.80 in the new front month, which is July. Silver closed yesterday at $16.10 spot, down 44 cents---and well off its low tick. Not surprisingly, net volume was pretty decent at 58,000 contract, which was about the same volume as Wednesday. Platinum and palladium were hit by the HFT traders at the same time---and in the same way, as gold and silver. Both finished well off their low ticks, too. Platinum finished the day at $1,142 spot, down 11 bucks---and palladium closed yesterday at $776 spot, down only 4 dollars. Here are the charts. But platinum and palladium were a side show. JPMorgan et al were after gold and silver in general, but silver in particular. The dollar index closed late on Wednesday afternoon in New York at 95.21---and chopped quietly higher until its 95.40 high tick, which came a minute or so after 2 p.m. Hong Kong time on their Thursday afternoon. It began to head lower from there, but really got its lights punched out starting at 8:20 a.m. in London trading. The 94.40 low tick came just under an hour later at 9:15 a.m. BST. It chopped higher from there, before catching a bit of a bid just before 8:30 a.m. EDT. The New York high of around 95.37 came shortly after the equity markets opened in New York---and then it chopped lower---and was in real danger of taking out its London low shortly before 3 p.m. EDT. But "gentle hands" appeared---and it crept higher into the close. The index finished the Thursday session at 94.81---down an even 40 basis points on the day. Needless to say, there was absolute no correlation between the dollar index and the precious metals on Thursday, as the powers-that-be had them in a headlock. Here's the 6-month dollar index chart---and as you can tell, it's approaching oversold territory. But as you can also tell from the chart, it can stay oversold for a long time---maybe for the same length of time or longer than it was overbought. Time will tell. The gold stocks opened down a bit over 3 percent---and then traded in a one percent or so price range, before rallying a hair into the close. The HUI finished the Thursday session down 2.94 percent. The silver equities followed an identical price path---and despite the fact that silver cut its Thursday loss in half by the close, the shares closed virtually on their lows of the day, as Nick Laird's Intraday Silver Sentiment Index got smacked for 3.85 percent. The CME Daily Delivery Report for Day 2 of the May delivery month showed that zero gold and 302 silver contracts were posted for delivery within the COMEX-approved depositories on Monday. The biggest short/issuer in silver was JPMorgan out of its client account with 177 contracts---and in very distant second place was R.J. O'Brien with 58 contracts out of its client account as well. The biggest long/stopper was JPMorgan once again, with 85 contracts for its client account---and another 89 for its in-house [proprietary] trading account. In second place was HSBC USA with 75 contracts for its in-house [proprietary] trading account as well. The link to yesterday's Issuers and Stoppers Report is here---and it's worth quick look. The CME Preliminary Report for the Thursday trading session showed that gold open interest for May remained unchanged at 226 contracts---and silver's o.i. dropped by 1,667 contracts down to 1,704 contracts still open, minus the 302 mentioned above. There were no reported changes in GLD yesterday---and as of 9:51 p.m. EDT yesterday evening, there were no reported change 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 the reporting week ending on Wednesday---and here is what he had to say… " Analysis of the 29 April 2015 bar list, and comparison to the previous week's list: 4,302,220.0 troy ounces were added (all to JPM New York), no bars were removed or had serial number changes." " The bars added were from: Solar Metals (3.0M oz), Asahi Pretec (0.1M oz), and Noranda (0.1M oz). As of the time that the bar list was produced, it was overallocated 361.3 oz." " A 2,963,810.8 oz withdrawal on Tuesday is not yet reflected, and should be on next week's list." There was a small sales report from the U.S. Mint yesterday, as they sold 3,000 troy ounces of gold eagles---and that was all. A Reuters story yesterday had this to say about U.S. gold eagle sales---" The U.S. Mint's sales of America Eagle gold coins in April fell 37 percent from March, while 2015 sales so far have dropped for the second straight year, government data showed on Thursday. The Mint said it sold 29,500 ounces of American Eagle gold coins in April, down from the 46,500 ounces in March but still well above the 18,500 ounces in February. Sales for the first four months of the year have reached 175,500 ounces, down 3.6 percent from the first four months of 2014" Of course there's not a word mentioned about the frantic pace of silver eagle sales---and why they continue to sell more dollars worth of them than gold eagles. As of the end of April, the U.S. Mint had sold 14,922,500 of them, down from the 17,448,000 they sold in the same period in 2014. The mint continues to produce silver eagles far in excess of U.S. yearly silver production. Over at the COMEX-approved depositories on Wednesday, they reported receiving 32,116 troy ounces of gold, with virtually all of it going into HSBC USA. Nothing was shipped out---and the link to that activity is here. In silver, only 993 ounces were received---and 933,021 troy ounces were shipped out. About 90 percent of the withdrawal came from Brink's Inc. The link to that action is here. There was also a decent amount of activity at the gold kilo depositories in Hong Kong---and it was all at Brink's, Inc. once again. There were 1,668 kilobars received---and 8,918 kilobars shipped out. The link to that activity in troy ounces is here. I have the usual number of stories---and I hope you'll find a few that interest you.
This is an abbreviated version of Central Banks Consider Joining the LBMA—So Much For Transparency, 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.