NEW YORK ( TheStreet) -- Yesterday's trading session in gold turned out pretty much as I talked about in The Wrap yesterday, except for the fact that I thought that JPMorgan et al would hit the gold price harder on the Fed news, but they didn't. But it was still a lousy day nonetheless. The CME Group recorded the high and low ticks as $1,360.20 and $1,327.80 in the April contract. The gold price closed in New York yesterday at $1,330.60 spot, down $24.90 from Tuesday's close. Net volume was pretty decent at 167,000 contracts. Up until 11 a.m. in New York, the silver price followed gold lower, but then it rallied sharply until minutes after 1 p.m. EDT. Then a seller showed up---and within the space of two hours, took back all the gains of the previous rally. Then after 3:15 p.m. in New York, the silver price traded sideways into the close of electronic trading. The high and low in the May contract were recorded at $20.965 and $20.505. Silver close on Wednesday at $20.61 spot, down only 20.5 cents from Tuesday's close. Volume, net of March and April, was pretty heavy at 52,500 contracts. Silver closed below its 200-day moving average for the second day in a row---and punctured the 50-day moving average for a brief period yesterday as well. Platinum and palladium weren't spared either---and both were sold down for small loses. Here are the charts. The dollar index closed late on Tuesday afternoon in New York at 79.38---and by the time the Fed announcement was made yesterday, the index has added another 7 basis points. The rally on the Fed news ran out of gas an hour later at 80.10---and from that point the index fell back a bit and closed at 80.02---which was up 64 basis points on the day. Not surprisingly, the gold stocks opened down about a percent---and then traded almost ruler flat up until the smoke went up the chimney over at the Fed. It was all down hill from there---and the HUI got sold down by 4.07%. The silver equities also got sold off at the open, but began to rally when the metal did at 10:30 a.m. EDT. The rally ended on the Fed news---and the stocks got sold off pretty hard after that, as Nick Laird's Intraday Silver Sentiment Index closed down 3.82%. The CME's Daily Delivery Report showed that 16 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Friday. Canada's Scotiabank issued 14 of those contracts---and JPMorgan Chase stopped 11 in its in-house [proprietary] trading account. The link to the Issuers and Stoppers webpage is here. There were were no reported changes in GLD---and as of 9:32 p.m. yesterday evening, there were no reported changes in SLV, either. There was no sales report from the U.S. Mint. Over at the Comex-approved depositories in gold on Tuesday, they reported taking in 24,112 troy ounces of the stuff---and shipped out 1,286 troy ounces. The link to that activity is here. In silver, there was 15,649 troy ounces reported received----and 380,657 ounces shipped out the door. The link to that action is here. I have a lot less stories today than I did on either Tuesday or Wednesday---and I'm sure you're happy about that, but not as happy as I am.
This is an abbreviated version of Ed Steer's Gold & Silver Daily Sign-up to have to the complete market review delivered to your email inbox each morning for free.