The gold price was under HFT selling pressure almost right from the open of Far East trading on their Wednesday morning, with the low coming shortly after 1 p.m. Hong Kong time. Volume up to that points was very heavy. The subsequent rally, such as it was, latest until shortly before 9 a.m. GMT in London. After that, the gold price chopped sideways until 2 p.m. in electronic trading in New York. Then JPMorgan et al showed up---and within two hours had pealed ten bucks off the price in the very thinly-traded electronic market. The price barely recovered off its low tick going into the 5:15 p.m. EST close of trading. The CME Group recorded the high and low at $1,323.00 and $1,308.90 in the April contract. Gold closed in New York on Wednesday at $1,310.90 spot, down $11.40 from Tuesday. Volume, which had been very heavy up until 10 a.m. in London, quieted down substantially as the trading day wore on, but exploded once again at the 2 p.m. EST engineered price decline. Volume, net of February and March was 122,000 contracts. More than 50% of that volume came before the London open---and in the 2-hour period after the Comex closed on Wednesday. It was virtually the same price pattern in silver, except JPMorgan et al took the silver price down over 2% between 2 and 4 p.m. EST in the thinly-traded New York Access market. The silver price recovered about 15 cents off its low going in the close. The CME recorded the high and low price ticks at $21.96 and $21.375 in the March contracts, an intraday move of 2.64%. Silver finished the Wednesday trading session in New York at $21.535 spot, down 42.5 cents from Tuesday. Net volume was very heavy at 38,000 contracts. Like gold, the lion's share of that volume came during Far East and early London trading---and between 2 and 4 p.m. EST in electronic trading. Outside of those hours, there was no volume to speak of. Here's the New York Spot Silver Bid chart on its own, so you can see the handiwork of JPMorgan et al up close and personal. As Ted Butler says, first "da boyz" set the price lower---and the technical fund selling follows. This is Precious Metal Price Management 101. JPMorgan et al dealt with platinum and palladium in a similar manner during Far East trading up until early afternoon Hong Kong time. The subsequent rallies ran into sellers of last resort shortly before noon in New York---and the rest, as they say, is history. Here are the charts. The dollar index closed in New York late on Tuesday afternoon at 80.005---and after dipping down to around 79.94 in early afternoon trading in Hong Kong, it began to rally almost the moment that trading began in London at 8 a.m. GMT. The rally, such as it was, was done like dinner by the New York close---and the index finished the Wednesday session at 80.21, which was up 20 basis points and change from Tuesday's close. You should carefully note that the sell-offs in the precious metals during electronic trading in New York yesterday had zero to do with what the currencies were up to. Not surprisingly, the gold stocks opened down yesterday, but did rally into positive territory briefly at the p.m. gold fix---and were holding their own pretty good until JPMorgan showed up at 2 p.m. EST---and that was that. The HUI finished just off its low, down 3.02%. The silver stocks followed a similar pattern to the gold stocks, rallying into positive territory at the London p.m gold fix. After that, it was all down hill until noon EST. From there they developed a slightly positive bias until "da boyz" showed up at 2 p.m. Nick Laird's Intraday Silver Sentiment Index closed down a chunky 4.44%. The CME Daily Delivery Report showed that 64 gold and a surprising 114 silver contracts were posted for delivery within the Comex-approved depositories on Friday. In gold, Barclays was the largest short/issuer---and HSBC USA and Barclays were the two biggest long/stoppers. The silver delivery came out of nowhere, as the February open interest was down to 11 contracts for the longest time. The short/issuer here was JPMorgan with 110 contracts out of its in-house [proprietary] trading account---and the only long/stopper was Canada's Scotiabank with all 114 contracts. The link to yesterday's Issuers and Stoppers Report is here. I was amazed to see that there was another withdrawal from GLD yesterday. This time it was a very chunky 181,373 troy ounces. And as of 10:02 p.m. last evening, there were no reported changes in SLV. The U.S. Mint had a tiny sales report yesterday. They sold 5,500 troy ounces of gold eagles---and that was it. There were no reported in/out movements in gold over at the Comex-approved depositories on Monday. But it was another busy day in silver, as these same warehouses reported receiving 600,066 troy ounces---and 337,605 troy ounces were shipped out. The link to that activity is here. Despite my best efforts, I still have a lot of stories for you again today.