NEW YORK ( TheStreet) -- The gold price drifted a few dollars lower in Far East trading, but was back to unchanged by the 8 a.m. BST London open. Then, about 15 minutes after that, the price began to rally, hitting its high of the day at 8:30 a.m. EDT---ten minutes after the New York open. Then JPMorgan et al stepped in---and that was it for the day. The low and high tick were reported by the CME Group as $1,291.60 and $1,309.20 in the June contract. The gold price finished the New York trading day at $1,305.70 spot, up an even $11.00 from Tuesday's close. Net volume was 100,000 contracts, which wasn't a lot considering the price action. It was the same story in silver, with the low and high coming at the same times. The moment that the price broke above the $20 mark at 8:30 a.m. EDT, it ran into the usual sellers of last resort---and then got sold down to its New York low at 12:30 p.m.---and didn't do a thing after that. The low and high prices were recorded as $19.51 and 20.005 in the July contract. Silver finished the Tuesday session at $19.745 spot, up 21.5 cents from Wednesday and, like gold, it would have closed materially higher if allowed to do so. Volume, net of May and June, was very heavy at 51,500 contracts. There was 6,200 contracts worth of activity in the September and December delivery months---and whether that was roll-over from the July delivery month [a little early for that, one would think] the volume was still over the moon. The platinum price rose slowly but steadily for the entire Wednesday trading session---and only ended at the close of Comex trading. Palladium began to rally shortly before before Zurich opened---and obviously ran into a seller of last resort shortly before 1 p.m. EDT in New York, as the price had all the appearances of going vertical in what was quickly turning into a "no ask" market. Here are the charts. The dollar index closed late on Tuesday afternoon in New York at 80.12---and didn't do a thing for the entire Wednesday trading session. But I did get the impression that the index was micromanaged all day long to prevent it from diving below the 80.00 mark. The gold stocks gapped up at the open---and then sagged a little as "da boyz" sold the gold price down to its 12:30 p.m. EDT low. Then they rallied anew, only to get sold down one more time starting around 2:30 p.m. in New York. The HUI closed up 1.01%. The silver equities rallied hard at the open---and then got sold down to unchanged by 10:30 a.m. in New York. But by 2:30 p.m. had gained back all of their loses and were back at their high of the day. But then, like gold, they got sold down into the close---and Nick Laird's Intraday Silver Sentiment Index closed up only 0.52%. The CME Daily Delivery Report showed that 1 gold and 55 silver contracts were posted for delivery within the Comex-approved depositories on Friday. Once again it was Jefferies as the short/issuer with 49 contracts, with "all the usual suspects" as long/stoppers once again. The link to the Issuers and Stoppers Report is here. I note from the CME's website that there are about 450 silver contracts still open in the May delivery month---and that's after subtracting the 85 deliveries today and the 55 deliveries posted for tomorrow. It will be interesting to see who the issuers and stoppers are on these remaining contracts as the delivery month winds down. There were no reported changes in GLD---and as of 9:27 p.m. EDT yesterday evening, there were no reported changes in SLV, either. There was no report from the U.S. Mint yesterday. However, I received an e-mail from California reader John DeWeese on Tuesday evening regarding the U.S. Mint's eagles sales for April---and here's what he had to say: "I just noticed that the U.S. Mint page changed their April total for Silver Eagles. In your May 6th issue, after coming back from vacation, you reported that number to be 4,590,500---and my own count kept at troyozgold.com concurred with yours as well." "But now I see that the U.S. Mint page only shows 3,569,000. Somehow, they decided that they didn't sell over a million Silver Eagles. Any idea what actually happened" I asked silver analyst Ted Butler if he had an explanation for this---and here's what he had to say about it in his mid-week column to paying subscribers yesterday afternoon: " The Mint reported shockingly higher sales of Silver Eagles [on Tuesday], so much so that it appears to me that perhaps a clerical reporting error is involved. (It appears the Mint added an extra million coins in May and subtracted that amount from April sale). Regardless, sales of Silver Eagles year to date (the best measure) have expanded to more than 104 to 1 compared to ounces of Gold Eagles sold. The data will undoubtedly change, but at the time of this article, there were 20.71 million Silver Eagles sold year to date vs. 198,500 oz of Gold Eagles." There was no in/out movement in gold over at the Comex-approved depositories on Tuesday---and not much activity in silver, either---as nothing was reported received, and 126,763 troy ounces was shipped out. The link to the silver activity is here. I have a pretty decent number of stories for your reading pleasure again today---and I hope you find some of them of interest.
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.