Gold stocks finish down, silver equities close up a tad. Another withdrawal from GLD---and no change in SLV. Another sales report from the U.S. Mint. Not much in/out activity in gold and the COMEX-approved depositories on Thursday, but a big withdrawal in silver.
NEW YORK ( TheStreet) -- The gold price traded flat until it developed a slight negative bias starting at 2 p.m. Hong Kong time on their Friday afternoon---and by the time the COMEX opened, the price was down about three bucks. "Da boyz" showed up at 8:30 a.m. as expected, as they ran the precious metals down---and the dollar index up. The low tick came at precisely 9:30 a.m. EDT. Gold chopped quietly higher for the remainder of the New York trading session, closing almost back at the COMEX opening price. The high and low ticks were recorded by the CME Group as $1,178.00 and $1,162.10 in the August contract. The gold price closed at $1,172.30 spot, down $4.10 from Thursday's close. Net volume was very decent at 138,000 contracts. Here's the 5-minute gold chart courtesy of Brad Robertson once again. The big volume spike at 8:30 a.m. EDT was pretty impressive at close to 20,000 contracts---and after that, the volume fell off in a hurry. The dark gray line is midnight Thursday---and add two hours for EDT. Don't forget the ' click to enlarge' feature. The silver price followed a similar, but surprisingly muted price path compared to gold. The low in that metal came at, or shortly after, the London p.m. gold fix. At that point it promptly rallied back above unchanged before getting sold down in the 1:30 p.m. EDT COMEX close. From there it quietly rallied back into positive territory---and closed on its high tick of the day.