NEW YORK ( TheStreet) -- The gold price chopped a few dollars lower in morning trading in the Far East on their Wednesday. Then, starting shortly after 1 p.m. Hong Kong time, the price rallied until minutes before 3 p.m.---and an hour before he London open. That turned out to be the high of the day. After that, the engineered price decline which began at that point, continued up until 11 a.m. EST, which was the London close. From there, the gold price rallied until 15 minutes before the Comex close---and then traded more or less sideways into the 5:15 p.m. EST electronic close. The CME Group recorded the high and low ticks as $1,345.60 and $1,322.30 in the April contract. Gold closed at $1,329.80 spot, down $11.80 from Tuesday's close. Volume, net of February and March was very decent at 154,000 contracts. The silver price action was a virtual carbon copy of the gold chart above, with the high tick also coming an hour before the London open---and the low tick of the day coming a few minutes before 11 a.m. EST. The subsequent rally also lasted until 1:15 p.m.---and the silver price got quietly sold down from there into the electronic close. The high and lows ticks were printed at $22.035 and 21.11 in the March contract---an intraday move of over 4%. Silver finished the Wednesday trading session at $21.25 spot, down 67.5 cents from Thursday. Gross volume was monstrous, but net volume was only 1,000 contracts. All the big traders in Comex futures had to be out of the March contract yesterday---unless they were standing for delivery---and all the rest have to be out by the 1:30 p.m. EST Comex close today. The platinum price didn't do much until the noon silver fix in London---and then received the same treatment as gold and silver, except for the fact that the selling didn't end until around noon in New York. Platinum traded flat until mid-morning in London---and then proceeded to lose a percent over the remainder of the Wednesday trading session. Here are the charts. The dollar closed on Tuesday at 80.135---and continued lower until it's 80.10 low around 9:20 a.m. in London. The subsequent rally topped out around the 80.52 mark about 12:45 p.m. in New York---after that the index got sold down a bit into the close. The index finished the day at 80.41---which was up about 28 basis points from Tuesday's close. The gold stocks gapped down about a percent at the open, hitting their low tick shortly before noon in New York---and about an hour after the gold price hit its low of the day. From that low, the gold shares chopped slightly higher as the day wore on, but the HUI still finished down 1.52%. It could have been far worse. It was more or less the same chart pattern in the silver equities, although their low tick didn't materialize until around 2:30 p.m. in New York. They didn't do much after that, as Nick Laird's Intraday Silver Sentiment Index closed down another 2.19%. The CME's Daily Delivery Report showed that 30 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Friday. Canada's Bank of Nova Scotia issued 29 contracts---and Barclays stopped 22 of them. And, except for maybe a handful of contracts in gold, that should pretty much do it for the February delivery month. The link to yesterday's Issuers and Stoppers Report is here. There were no reported changes to GLD, but there was a deposit made into SLV, as an authorized participant added 1,442,724 troy ounces. There was no sales report from the U.S. Mint yesterday. Over at the Comex-approved depositories on Tuesday, they reported receiving 6,430 troy ounces of gold---and shipped 20,826 troy ounces out the door. All the activity was at Canada's Scotiabank warehouse. The link to that activity is here. There was far more activity in silver, of course, as 924,279 troy ounces were reported received---and 125,564 troy ounces were shipped out the door for parts unknown. The link to that action is here. I have the usual number of stories for a mid-week commentary---and I hope you have time to read the ones that interest you.
This is an abbreviated version of Ed Steer's Gold & Silver DailySign-up to have to the complete market review delivered to your email inbox each morning for free.