NEW YORK ( TheStreet) -- It was a nothing day again on Wednesday---and the tiny rally that began in gold shortly before the Comex open, got squashed at precisely 8:30 a.m. in New York---and by around 11 a.m. the price was back below unchanged. Nothing happened after that, as gold traded sideways for the remainder of the day. With gold trading in less than a ten dollar price range, the low and high ticks aren't worth looking up once again. The gold price finished the day at $1,243.60 spot, down $1.30 from Tuesday's close. Volume, net of June and July, was very tiny---around 79,000 contracts. It was ultra-quiet in silver trading as well---and the 8:15 to 8:30 a.m. EDT rally in that metal met the same fate as the tiny rally in gold---and once the high was in, the price did very little after that. Silver traded within a 20 cent price range yesterday---and closed at $18.795 spot, down 1 whole penny from Tuesday's close. Net volume was 20,000 contracts. Platinum traded flat until shortly after 1 p.m. Hong Kong time---and from that point got sold down to its low of the day just before 1 p.m. in Zurich. The subsequent rally ended at 2 p.m. in electronic trading in New York---and it traded flat from there, closing up 8 bucks. It was much the same chart pattern in palladium, except it closed down a dollar. The dollar index opened flat---and traded flat before a 20 basis point down/up move that began at the London open---and ended 10 hours later shortly after 1 p.m. in New York. After that, the index didn't do much---and closed at 80.66, which was up 4 basis points from Tuesday's close. The gold stocks chopped around aimlessly within a two point range of unchanged on Wednesday---and the HUI closed down a tiny 0.15%. Exactly the same can be said about the silver equities, as Nick Laird's Intraday Silver Sentiment Index finished the basically unchanged, down a tiny 0.01%. The CME Daily Delivery Report was a quiet affair yesterday, as only 35 gold and 1 silver contract were posted for delivery within the Comex-approved depositories on Friday. The link to yesterday's Issuers and Stoppers Report is here. There were no reported changes in GLD yesterday---and as of 9:57 p.m. EDT yesterday evening, there were no reported changes in SLV, either. There was a tiny sales report from the U.S. Mint. They sold 50,000 silver eagles---and that was it. After two days of running down the batteries on their forklifts, there wasn't much in/out activity in either gold or silver on Tuesday over at the Comex-approved depositories. There were no changes at all in gold---and in silver, nothing was reported received---and 97,156 troy ounces were shipped out. Here's a chart that Nick Laird passed around yesterday evening. It shows the total derivatives position in both gold and the white metals versus their entire derivatives position. It sure doesn't take much money to control precious metal prices---or the price of anything else they decide is worth their effort. I have a lot of stories for you again today---and some of them are definitely worth your time, but the final edit is always up to 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.