NEW YORK ( TheStreet) -- Once again the gold price didn't do much in either Far East or early London trading. However, that all changed when trading got under way on the Comex. The gold price rolled over into the London p.m. gold fix---and then hit its low of the day [a hair below $1,300 spot] at exactly 3:30 p.m. EDT in electronic trading. Then the price recovered a handful of dollars going into the close. The CME Group reported the high and low ticks at $1,317.10 and $1,299.30 in the April contract. Gold finished the Wednesday session at $1,305.80 spot, down $5.90 from Tuesday's close. Gross volume was over 200,000 contracts once again, but once the roll-overs were subtracted out, net volume crashed all the way down to 86,000 contracts. The silver price chart was a carbon copy of the gold chart, so there's nothing left to talk about, as it was all so orchestrated. The high and low were recorded as $20.145 and $19.68 in the May contract. Silver closed yesterday at $19.735 spot, down 26.5 cents from Tuesday's close. Volume, net of March and April, was 42,000 contracts. Platinum and palladium didn't do much until London opened---and then both began to slide from there. Both finished with loses on the day as well. Here are the charts. The dollar index closed at 79.94 on Tuesday afternoon in New York, rose to its 80.13 high at 9:30 a.m. EDT in New York---and closed at 80.006. Nothing to see here. The golds stocks started in positive territory, but that only lasted about 20 minutes---and then they began to head lower---and by the time trading was done at 4 p.m. EDT, the HUI was down 3.73%---out of all proportion to the six dollar decline in the gold price. It was the same thing in silver, another decline out of all proportion to the decline in the metal itself. Nick Laird's Intraday Silver Sentiment Index closed down 4.62%. The CME Daily Delivery Report showed that 1 gold and 56 silver contracts were posted for delivery within the Comex-approved depositories on Friday. The short/issuer on all of the above contracts was JPMorgan Chase---and the biggest long/stopper in gold was Canada's Scotiabank with 52 contracts. The link to yesterday's Issuers and Stoppers Report is here. And looking at the preliminary volume/open interest figures for yesterday's trading from the CME at 3:33 a.m. EDT earlier this morning, it appears that these contracts are the last of the March deliveries in both metals. Another day---and another withdrawal from GLD. This time it was 57,813 troy ounces. After one deposit and two withdrawals in the past week, GLD is now back within 2 troy ounces of the amount of gold it held on March 21. As of 10:41 p.m. EDT yesterday evening, there were no reported changes in SLV. Over at Switzerland's Zürcher Kantonalbank they reported a decline in their gold ETF---and a tiny increase in their silver ETF for the week ending March 21. Their gold ETF dropped by 34,456 troy ounces---and their silver ETF gained 7,362 troy ounces. There was no sales report from the U.S. Mint. Over at the Comex-approved depositories on Tuesday, there was 71,542 troy ounces of gold reported received---and 204 troy ounces were shipped out. The link to that activity is here. After two frantic days in a row, it was much quieter in silver on Tuesday, as only 4,185 ounces were received---and 136,149 troy ounces were shipped out. The link to that action is here. Here's a photo that I ripped from a Zero Hedge posting yesterday---and I thank reader M.A. for sharing it with us. As I've said on countless occasions, Putin could bring the West to it's financial and monetary knees overnight, as he knows all about the Anglo/American price management scheme in the precious metals. I don't have that many stories today, so I hope you find some that interest you.
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.