NEW YORK ( TheStreet) -- It was a very quiet trading day on Wednesday everywhere on Planet Earth. Gold traded basically unchanged up until 1 p.m. BST in London, which was 20 minutes before the Comex open. There was a bit of price flurry in the first hour of trading in New York, but that was it---and gold traded mostly flat for the remainder of the day. Nothing to see here---and the high and low ticks aren't worth looking up.
Gold closed down for the third day in a row---and closed at $1,294.50 spot, down $4.30 from Tuesday's close. Volume, which had been microscopic for most of the day, netted out to 139,000 contracts, with the vast majority of that occurring in December, which is now the new front month for gold.
It was more or less the same for silver, as price action and volume during the early going didn't amount to much. Like gold, silver spiked up about 8:45 a.m. in New York, but that was quickly dealt with. The low, such as it was, came around 10:40 EDT---and from there it rallied unsteadily higher in the close. The low and high ticks, which are barely worth the effort of looking up, were reported by the CME Group as $20.76 and $20.48 in the September contract. Silver finished the Wednesday trading session in New York at $20.615 spot, up 5.5 cents from Tuesday. Volume, net of July and August, was around 35,000 contracts, of which 3,400 were in Dec/14 and Mar/15. Platinum traded within five dollars of its Tuesday closing price for the entire Wednesday trading session---and closed up a buck. There wasn't much excitement in palladium---and it closed unchanged. Here are the charts. The dollar index closed at 81.21 on Tuesday---and then tacked on another 10 basis points by 9 a.m. BST in London. From there it traded flat until the Comex open---and by 10:50 a.m. EDT was up to its 81.54 high, before giving some of that back going into the close. The index finished the day at 81.40---up 19 basis points. The gold stocks gapped down a bit more than a percent at the open---and the sold off to their low which came minutes after 11:30 a.m. in New York. From there they chopped quietly higher, cutting their losses by a bit, as the HUI closed down only 1.13%. Despite the fact that silver finished up on the day, the long knives were out for all the precious metal equities yesterday---and Nick Laird's Intraday Silver Sentiment Index closed down 1.31%. The CME Daily Delivery Report for first day notice for the August delivery month showed that only 102 gold and and a surprisingly large 225 silver contracts were posted for delivery within the Comex-approved depositories on Friday. There were three short/issuers in gold---Jefferies, Deutsche Bank and ABN Amro---and the long stoppers were "all the usual suspects." In silver, there was only one short/issuer---and that was Jefferies. There were big deliveries in copper on first notice day as well---and if you wish to check out the details, the link to yesterday's Issuers and Stoppers Report is here. The CME's preliminary report for the Wednesday trading session showed that there were 9,035 gold contracts still open in the August delivery month but, without doubt, that will shrink substantially by tomorrow, as the remaining trades from yesterday and today finally get reported. In silver, there were 237 contracts open in the August delivery month, so the lion's share of that showed up in the figures above. I'll update these numbers in this space in tomorrow's column. There were no reported changes in GLD yesterday---and as of 8:56 p.m. EDT yesterday evening, there were no reported changes in SLV, either. There was no sales report from the U.S. Mint. There was no in/out movement in gold worth mentioning at the Comex-approved depositories on Tuesday. In silver, there was 1,202,119 troy ounces reported received---and 5,210 ounces were shipped out. All the silver received went into Brink's, Inc. The link to that activity is here. Once again I have a boat load of stories for you---and there should be some in here that are of interest.