NEW YORK ( TheStreet) -- Gold did very little in Far East trading and the first half of the London trading day on Wednesday. The rally at the Comex open wasn't allowed to get far---and was sold back down to unchanged by noon in New York. It rallied a few dollars going into the 1:30 p.m. Comex close---and then chopped sideways into the 5:15 p.m. close of electronic trading. The low and high aren't worth the effort to look up. Gold finished the Wednesday session at $1,312.20 spot, up $3.70 from Tuesday's close. Volume, net of August and September, was pretty light at only 104,000 contracts. The silver price followed more or less the same price path as gold, expect the rally at the Comex open got sold down harder---and silver made a new low for this move down---and that low was printed about 11:50 a.m. EDT. The price rallied a bit going into the Comex close---and the didn't do much after that. The high and low ticks were recorded by the CME Group as $20.085 and $19.705 in the September contract. Silver closed at $19.81 spot, down 10.5 cents from Tuesday's close. Net volume was 33,000 contracts. Platinum didn't do much of anything in early Far East trading, but developed a positive price bias beginning around 2 p.m. Hong Kong time. It was up a whole six bucks on the day by shortly before 11 a.m. EDT---and then a thoughtful soul sold it down about a percent, with the low coming minutes before noon in New York. From there it rallied back to almost unchanged---and down a buck on the day. The price action in palladium was similar, but both the corresponding rally---and subsequent sell-off, were much less pronounced. Palladium manged to finish up a buck. It was another day where all four precious metals were rallying---and then all got sold off during the New York trading session. The dollar index closed on Tuesday at 81.51---and didn't do much of anything until shortly after 2 p.m. Hong Kong time. Then it rallied to its 81.65 high before it had a 25 basis point down/up move between the 8:20 a.m. Comex open and 11:40 a.m. EDT. After that the index slid a small handful of basis points into the close, finishing at 81.61---up 10 basis points. The gold stocks chopped and flopped either side of unchanged yesterday---and finished the day that way, as the HUI closed down a miniscule 0.05%. The silver equities barely got a sniff of positive territory on Wednesday---and headed lower almost immediately. The low of the day came at the low for silver, about 11:50 a.m. EDT. From there they cut their loses by a bit, as Nick Laird's Intraday Silver Sentiment Index closed down 0.87%. The CME Daily Delivery Report showed that 6 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Friday. Nothing to see here. The CME's Preliminary Report for the Wednesday trading session showed that August open interest in gold declined by 117 contracts---and is now down to 1,167 contracts---so we await the final resolution on this as the month starts to wind down. There was a tiny 8,420 troy ounce withdrawal from GLD yesterday, which was probably a fee payment of some kind---and as of 9:18 p.m. EDT yesterday evening, there were no reported changes in SLV. There was a sales report from the U.S. Mint again yesterday. They sold 500 troy ounces of gold eagles---500 one-ounce 24K gold buffaloes---225,000 silver eagles---and another 200 platinum eagles. There wasn't a creature stirring in the gold departments of the Comex-approved depositories on Tuesday. However, it was another big day for silver, as 600,769 troy ounces were reported received---and 693,508 troy ounces were shipped out the door. All of the activity was at the CNT Depository---and Brink's, Inc. The link to that action is here. I have a very decent number of stories again today---and there should be some in here that interest 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.