NEW YORK ( TheStreet) -- Gold rallied unsteadily through all of Far East and early London trading on their respective Wednesdays. There was a slight dip into the noon London silver fix, and then the price rallied until just before lunch in New York before getting sold down to its low of the day which came right at the 1:30 p.m. EST Comex close.
From that point, the gold price developed an immediate positive bias, before shooting up about ten buck in the last hour of trading before the 5:15 p.m. electronic close.
The CME recorded the low tick as $1,265.00, and the high tick at $1,283.70 in the December contract.Gold closed in New York at $1,282.30 spot, up $16.10 on the day. Volume, net of roll-overs, was very light at only 107,000 contracts. Here's the New York Spot Gold [Bid] chart on its own, so you can see the price action in that market in more detail. The silver price action on Wednesday was the same as the gold price action, sans the price spike just before the 5:15 p.m. electronic close. As I'm sure you've already noted, the low of the day came at the close of Comex trading as well. The CME recorded the high and low ticks at $20.855 and $20.41 respectively in the December delivery month. Silver closed on Wednesday at $20.61 spot, which was down 9 cents from Tuesday's close. Gross volume was an eye-popping 99,000 contracts, but once the [very] heavy roll-over/switches were subtracted out, the net volume fell all the way down to 40,500 contracts, the same net volume as Tuesday. I'm not exactly sure what to make of this, but it may mean nothing, however it sure got my attention. Platinum chopped sideways in a very tight price range yesterday. Palladium did the same right up until the Comex open. Then the downwards price pressure began. The low, like gold and silver, came at the Comex close, and the subsequent rally didn't get far. Here are the charts. The dollar index closed in New York late Tuesday afternoon at 81.14. After a very weak rally attempt overnight, the index rolled over in mid-morning trading in London, making it down to 81.03 by 9:20 a.m. EST in New York. The subsequent rally took the index up to its 81.28 high at, or shortly after, the London p.m. gold fix, before the dollar rolled over once more and broke through the 81.00 level to the downside, and it never recovered after that. The index closed at 81.80, which was down 24 basis points from Tuesday's close. The gold stocks gapped up about a percent and a half at the opening on Wednesday morning in New York, but quickly fell back to almost unchanged by 10 a.m. After that they didn't move much higher, and chopped around just above the unchanged mark for the entire day. The HUI closed up 0.50%. It was pretty much the same story with the silver equities, but Nick Laird's Intraday Silver Sentiment Index only closed up 0.21%. The CME's Daily Delivery Report was another quiet affair again yesterday, as only 1 lonely silver contract was posted for delivery within the Comex-approved depositories on Friday. There was a withdrawal from GLD yesterday. This time it was 86,968 troy ounces. And as of 10:05 p.m. EST yesterday evening, there were no reported changes in SLV. The U.S. Mint had a smallish sales report yesterday, as they sold 4,000 troy ounces of gold eagles and 1,000 one-ounce 24K gold buffaloes. There were no reported changes over at the Comex-approved warehouses in gold on Tuesday. In silver, there was nothing reported received, and only 130,628 troy ounces shipped out. The link to that activity is here. I have quite a few stories for you today, and I'll happily leave the final edit up to you.