NEW YORK ( TheStreet) -- The gold price traded almost ruler flat through most of Far East trading on their Thursday, but began to show signs of life about 1:45 p.m. Hong Kong time. That 'rally' lasted until ten minutes after the COMEX open---and then gold rallied sharply before getting cut off at the knees around 10:30 a.m. in New York. It crawled higher from there, but got sold down once COMEX trading was done for the day---and the electronic session yesterday looked like a duplicate of the electronic trading session on Wednesday. The low and high ticks were recorded by the CME Group as $1,211.90 and $1,227.70 in the June contract. Gold finished the Thursday session in New York at $1,221.40 spot, up $6.30 from Wednesday's close. Net volume was very chunky at 159,000 contracts. With some minor variations, the silver price action was similar to gold's, so I shall spare you the play-by-play. The low and high ticks were reported as $17.07 and $17.585 in the July contract. Silver closed yesterday at $17.445 spot, up another 33.5 cents. Net volume was an eye-watering 60,000 contracts. As has been the case lately, the platinum price mirrored gold and silver prices closely once again. That white metal finished the Thursday session at $1,157 spot, up 10 bucks on the day. After chopping mostly sideways in Far East and Zurich trading yesterday, the palladium price got sold down during the exact same time-frame that the other three precious metals were rallying. Palladium's low tick came at the the other precious metal's high ticks. It rallied a bit after that, but still closed down 4 dollars at $780 spot. The dollar index closed late on Wednesday afternoon in New York at 93.62---and then chopped quietly lower to its 93.15 low tick, which came minutes before lunch in London. The subsequent rally lasted until shortly before 11:30 a.m. in New York. It then slid quietly lower until the equity market closed---and it traded flat from there. The index closed at 93.39---down another 23 basis points. The gold stocks gapped up a bit the open---and hit their highs at gold's 10:30 a.m. EDT high tick---and then sold down into negative territory by 2:30 p.m. before chopping quietly sideways into the close of the equity markets in New York. The HUI finished down 0.28 percent. I was underwhelmed---and hoping its not a harbinger of things to come. The silver equities fared far better, as their initial rally was much stronger---and the high in that precious metal came at 10 a.m. EDT. Although they chopped lower from there, they rallied a bit during the last ninety minutes of trading, as Nick Laird's Intraday Silver Sentiment Index closed up 1.28 percent. The CME Daily Delivery Report showed that zero gold and 14 silver contracts were posted for delivery within the COMEX-approved depositories on Monday. JPMorgan stopped 3 of them for clients and 6 of them for its company 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 fell by 4 contracts, leaving 141 left open---and silver's o.i. declined by 31 contracts, leaving 344 left---minus the 14 mentioned in the prior paragraph. I was gobsmacked by the changes in both GLD and SLV yesterday, as both showed major withdrawals. In GLD, an authorized participant took out 141,895 troy ounces---but in SLV there was another over-the-moon withdrawal, as 2,867,610 troy ounces was taken out by an authorized participant. Just as a matter of interest, in GLD since May 2, there have been three withdrawals [no deposits] totalling 573,542 troy ounces. In SLV since April 27 there have been five withdrawals and only 1 deposit. During that period the amount of silver in SLV has declined by 9.9 million ounces. No price action during these times periods warranted these kind of withdrawals of physical metal. With a 3-day rally in both gold and silver under out belts, it will be interesting to see how much of these two metals will be deposited in the next few days, as it's a good bet that both ETFs are owed a decent amounts of both. And as I said yesterday, it remains to be seen if these authorized participants resort to shorting the shares in lieu of depositing real metal. I'll have more on this in tomorrow's column. 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 as of the close of business on Wednesday---and here is his report. " Analysis of the 13 May 2015 bar list, and comparison to the previous week's list: 3,823,878.2 troy ounces were removed (all from Brinks London), no bars were added or had serial number changes." " The bars removed were from: Degussa (0.7M oz), Handy Harman (0.6M oz), Krasnoyarsk (0.5M oz), Britannia (0.4M oz) and 25 others. As of the time that the bar list was produced, it was overallocated 16.0 oz." " All daily changes are reflected on the bar list, except a 955,880 oz deposit Wednesday." For the third day in a row, there was no sales report from the U.S. Mint. There wasn't a lot of in/out activity at the COMEX-approved depositories on Wednesday. In gold, there was no in/out movement at all---and in silver, nothing was received---and only 107,072 troy ounces were shipped out. All of it came out of Canada's Scotiabank. It was reasonably quiet over at the COMEX-approved gold kilobar depositories in Hong Kong, as only 88 kilobars were reported received---and 994 were shipped out. The link to that activity in troy ounces is here. I have the usual number of stories for a week-day column---and I'll happily leave the final edit up to you.
This is an abbreviated version of Ray Dalio: “If You Don’t Own Gold, You Know Neither History Nor Economics”, 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.