NEW YORK ( TheStreet) -- The tiny rally that began early in the Far East trading day lasted until about 9:30 a.m. BST in London---and it was all down hill from there, as "da boyz" worked their magic with their trading algorithms. The low tick of the day came at 12:20 a.m. in New York---and the gold price rallied a couple of bucks before trading almost ruler flat for the remainder of the day. The CME Group recorded the high and low ticks at $1,315.00 and $1,286.60 in the June contract. Gold finished the Wednesday trading session at $1,289.90 spot, down an even $18 from Tuesday's close. Net volume was decent, but not overly heavy at 144,000 contracts. It was exactly the same story in silver, so I shall spare you the details, as you can read the Kitco chart as well as I can. The high and low ticks were posted as $19.73 and $19.295 in the July contract. Silver finished the day at $19.295 spot, down 25.5 cents from Tuesday. Volume, net of May and June, was pretty brisk at 48,500 contracts. The platinum price actually began to head south around noon Hong Kong time, but the real selling started around 12:30 BST in London. The low was also at 12:20 p.m. EDT---the same as both gold and silver. Then also like gold and silver, the price traded flat into the close. Palladium traded almost flat up until just before 2 p.m. in Zurich, then it got the same HFT algorithm treatment that the other precious metals received. The low for palladium came at 1 p.m.---and not 12:20 p.m. EDT like the other three metals. The dollar index closed on Tuesday afternoon in New York at 79.14. From there it traded pretty flat until about 9 a.m. in London---and then rallied very quietly for the remainder of the day, finishing the Wednesday session at 79.24---up a whole 10 basis points from it's prior close. The gold stocks opened down a bit---and with the exception of the odd rally attempt, continued to head lower, hitting their lows of the day around 3:30 p.m. EDT. From there they rallied a hair into the close. The HUI finished down 2.17%. It could have been worse. The silver equities followed a similar path---and Nick Laird's Intraday Silver Sentiment Index closed down 2.37%. The CME's Daily Delivery Report was a quiet affair yesterday, as only 5 gold contracts were posted for delivery on Friday. I shan't bother linking the Issuers and Stoppers Report. There were no reported changes in GLD yesterday---and as of 9:55 p.m. EDT yesterday evening, there were no reported changes in SLV, either. I asked Ted Butler for his thoughts on the surprise 1.92 million ounce withdrawal from SLV on Tuesday---as he didn't comment on them in his Wednesday missive to his paying subscribers---and he said he totally agreed with my take on it. Here's what I said on this issue in this space yesterday--- Ted Butler's "large buyer" avoiding the SEC's reporting requirements, perhaps? The U.S. Mint had a decent sales report yesterday. They sold 7,500 troy ounces of gold eagles---594,000 silver eagles---and 400 platinum eagles. There was no in/out activity in gold over at the Comex-approved depositories on Tuesday---but as is almost always the case, it was a different story in silver, as 634,025 troy ounces were reported received---all into the HSBC USA warehouse---and 94,125 troy ounces were reported shipped out. The link to that activity is here. I have the usual number of stories for you today---and I hope there are some in the list below that you think worth reading.
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.