NEW YORK ( TheStreet) -- There's not a lot to talk about today as far as the gold price is concerned, as it did little in Far East trading---and about the same in early London trading as well. The low tick was at the London a.m. gold fix---and the high came shortly before 1 p.m. EST in New York. After that it got sold down about five bucks going into the 5:15 p.m. electronic close.
The CME Group recorded the low and high ticks as $1,332.70 and $1,342.00 in the April contract.
Gold finished the Wednesday trading session at $1,336.80 spot, up $2.40 on the day. Net volume was exceedingly light at only 87,000 contracts.The silver price traded in a 20 cent range everywhere on Planet Earth yesterday---and there's even less to see here. The low and high ticks, such as they were, were recorded as $21.155 and $21.34 in the May contract. But, like gold, silver got sold down from its 12:50 p.m. EST high---and finished the Wednesday session at $21.155 spot, up only 1.5 cents from Tuesday Volume, net of March and April, collapsed all the way down to 25,500 contracts, which was a 45% decline from Tuesday's volume. Platinum traded flat until shortly after 1 p.m. Hong Kong time. At that point it developed a positive price bias---and really began to rally around 11:30 a.m. in London trading. The rally got stopped in its tracks about 10:30 a.m. in New York---and got sold down pretty hard after that, giving up almost all of its gains from when Comex trading began earlier in the day. Palladium also traded flat until 1 p.m. Hong Kong time on their Wednesday. From that point every rally attempt of significance got met head-on by a not-for-profit seller. The high tick came shortly after Comex trading began in New York at 8:20 a.m. EST---and from that point the palladium price suffered the same fate as the platinum price. The dollar index closed at 80.16 on Tuesday afternoon in New York---and then didn't do much for the entire Wednesday session, closing at 80.09. Nothing to see here. The gold stocks opened mixed, but quickly rallied---and had most of their gains in by shortly after 11 a.m. EST. From that point on, the stocks chopped sideways in a fairly tight range. The HUI finished up 1.34%. It was almost the same type of price action in the silver stocks---and they closed almost on their high tick of the day, as Nick Laird's Silver Sentiment Index finished up 1.39%. The CME Daily Delivery Report was a rather quiet affair yesterday, as there were zero gold and 29 silver contracts posted for delivery within the Comex-approved depositories on Friday. In silver, JPMorgan stopped 26 contracts in its in-house [proprietary] trading account. The link to yesterday's Issuers and Stoppers Report is here. I noted in the CME's Preliminary volume/price report that was posted on their website in the wee hours of this morning, that silver's open interest in March is down to about 600 contracts net. It will be interesting to see how much of that amount actually gets delivered---and how much of it will be gobbled up by JPMorgan Chase. There were no reported changes in GLD yesterday---and as of 10:20 p.m. yesterday evening, there were no reported changes in SLV, either. After a two week absence, the good folks over at Switzerland's Zürcher Kantonalbank have updated their gold and silver ETF numbers up until February 28. Their gold ETF declined a smallish 31,682 troy ounces over that period---but their silver ETF showed an increase of 53,531 troy ounces. The U.S. Mint had a tiny sales report yesterday. They sold 500 ounces of gold eagles---and 500 one-ounce 24K gold buffaloes. There wasn't much activity in gold within the Comex-approved depositories on Tuesday. They reported receiving 3,215 troy ounces of the stuff---and shipped out 3,793 troy ounces. Most of the activity was at Scotiabank's warehouse. The link to that activity is here. In silver, there was no metal reported received, but 279,687 troy ounces were shipped out---and virtually all of the activity was at Scotiabank's warehouse as well. The link to that action is here. It was another day where the news was dominated by what was happening in the Ukraine and in Russia---and I hope you can find some stories in here that interest you.