NEW YORK ( TheStreet) -- The gold price didn't do a whole heck of a lot in either Far East or early London trading on their Wednesday. But shortly before 1 p.m. BST in London, the price spiked sharply higher, only to run into a seller of last resort about 15 minutes later. After making it up to the $1,295 spot price mark during morning trading in New York, the price got sold off five bucks by 2 p.m. EDT---and after that the price traded flat into the electronic close at 5:15 p.m.
The CME Group recorded the low and high ticks as $1,278.90 and $1,294.90 in the June contract.
The gold price ended the trading day at $1,209.90 spot, up $10.10 from Tuesday's close. Volume, net of April and May, was 130,000 contracts.The silver price traded within about a dime of its Wednesday close for all of Far East and London trading, but blasted higher at the same time as gold---about 12:45 p.m. in London. That rally got cut off at the knees by a not-for-profit seller about five minutes before the Comex opened---and by the Comex open the price was back in the box---and JPMorgan et al even managed to close the price back below the $20 spot mark by the end of the day as well. The low and high price ticks were recorded by the CME Group as $19.73 and $20.145 in the May contract. Silver closed yesterday in New York at $19.975 spot, which was up 21.5 cents from Wednesday's close. One can only imagine what the closing price would have been if "da boyz" hadn't stepped in. Net volume was 32,000 contracts. Platinum made a rally attempt early in Far East trading, but that got turned back around 9:30 a.m. Hong Kong time. After that it didn't do much until it began to rally just before noon in London. It wasn't much of a rally---and it ran out of gas shortly before the Comex close. After that it traded sideways. Palladium traded pretty much ruler flat until London opened. From there it developed a positive price bias, which turned into a decent rally around 11 a.m. BST. That happy state of affairs lasted until the Comex open---and at that time it suffered the same fate as gold and silver prices did. The dollar index closed late on Tuesday afternoon in New York at 80.08---and as I mentioned in The Wrap section of yesterday's column, it barely got saved from falling below the 80.00 mark [for the third time in 24 hours] just a few minutes before the 8 a.m. BST London open. A rally with a little more substance to it began at precisely 8 a.m. EDT---and the high tick of the day was in shortly before noon in New York. After that, the dollar gave back a handful of basis points before trading flat for the remainder of the Wednesday session. The index closed at 80.22---up 14 basis points on the day. The gold stocks gapped up 2% at the open---and after that they didn't do much. The HUI closed up 2.78% The silver equities turned in a similar chart pattern, but by the end of the day, Nick Laird's Intraday Silver Sentiment Index closed up only 1.57%. The CME's Daily Delivery Report for Day 4 of the April delivery month showed that 716 gold and 60 silver contracts were posted for delivery within the Comex-approved depository on Friday. The biggest short/issuer in gold was Barclays with 522 contracts---and in distant second was Credit Suisse with 84 contracts. It should come as no surprised that the two biggest long/stoppers were Canada's Scotiabank with 369 contract---and JPMorgan with 168 contracts in its in-house [proprietary] trading account, along with an additional 69 in its client account. In silver, the only issuer was F.C. Stone---and Canada's Bank of Nova Scotia stopped 59 of the 60 contracts. The link to yesterday's Issuers and Stoppers Report is here. There were no reported changes in GLD---and as of 9:33 p.m. EDT yesterday evening, there were no reported changes in SLV, either. But when I was editing today's column at 3:29 a.m. EDT, I note that there had been a changes in SLV, as an authorized participant withdrew a smallish 145,922 troy ounces. This may have been a fee payment of some kind. The U.S. Mint didn't have a sales report yesterday. However, they did have an April Fool's joke up their sleeve which I didn't notice on Tuesday---but Ted Butler was more than happy to point it out to me when I spoke to him on the phone yesterday. I said in my Tuesday column that the mint did not have a sales report for the last day of March, which was Monday---so I made the assumption that they were done for the month and that the total silver eagles sales for March were as I reported on Saturday---and that was 4,476,000. That proved to incorrect by a mile---almost 20%. When the mint reported April 1 sales of 293,000 silver eagles on Tuesday, I dutifully reported it in my column yesterday---but what I missed was the fact that they also added 878,000 silver eagles sales to March at the same time. So March sales for silver eagles are now up to 5,354,000---and not the 4,476,000 that I reported on Saturday. Year-to-date silver eagles sales as of the end of March now total 13,879,000---and not the 13,001,000 ounces that I, along with all the news media, were tricked into reporting. Very little that's silver related gets past Ted---and here's what he had to say about March silver eagles sales in his commentary to paying subscribers in his mid-week column yesterday afternoon: " This is the highest total of Silver Eagles sold in any “regular” month in the 27 year history of the American Eagle Bullion Program. There have been three Januarys where more Silver Eagles were sold than were sold this March, but those Januarys always “borrowed” sales from December as the Mint retooled for coins with the new yearly date. The 5.3 million coins sold this past month indicate a daily production run rate or blank availability never achieved before by the Mint of more than 170,000 coins per day." And the question that still remains unanswered is---who the &%$@ is buying all these things? As both Ted Butler and I have said, it ain't John Q. Public. But whoever it is, not only has the deepest pockets in the world, but pretty much knows that the days of $20 silver are numbered---and it's only a matter of what 3-digit price tag this metal will have when the smoke clears. There wasn't a huge amount of activity over at the Comex-approved depositories in either gold or silver on Tuesday. In gold there were precisely 2 metric tonnes of gold deposited in Scotiabank's vault---and two kilobars were removed. The link to that activity is here. In silver, nothing was reported received---and only 79,047 troy ounces were shipped out. The link to that activity, such as it was, is here. Here are the intraday price charts for both gold and silver for March, courtesy of Nick Laird. They're computed by adding the 2-minute price tick data for every day of the month---and averaging out each 2-minute time period for the entire month. What the chart shows is the daily primary price trend once all the day-to-day noise is averaged out. In gold it showed that the average high of the day came at 12:30 p.m. Hong Kong time, with the usual take-down around the Comex open, then the rally into the London p.m. gold fix---and the price pressure starts anew, with the low coming very late in the electronic trading market. The average loss in gold per business day was about $2.70. The Intraday silver chart for March is almost a duplicate of the gold chart---and requires no further embellishment from me, except for the fact that silver lost, on average, a bit over 8 cents every business day during March. For the second day in a row I don't have that many stories---and I'll leave the final edit up to you.