NEW YORK ( TheStreet) -- The gold price flopped and chopped in a tight five dollar price range through all of Far East and London trading on Wednesday. But thirty minutes after the Comex close---and at precisely 2 p.m. EDT, the price got smacked for five bucks as the HFT boyz spun their algorithms. However, the gold price gained half that back by the 5:15 p.m. EDT electronic close. The high and low ticks, such as they were, were reported by the CME Group as $1,299.30 and $1,288.70 in the December contract. Gold closed in New York on Wednesday at $1,291.40 spot, down another $3.80 from Tuesday. Net volume was very light once again at around 76,000 contracts. Here's the New York Spot Gold [Bid] chart, so you can see the precise timing of the 2 p.m. EDT sell-off by 'da boyz'. This precision extended into the New York Spot Silver [Bid] chart as well. It was slightly different for silver. After the obligatory down spike at the 6 p.m. open on Tuesday evening, silver also traded flat in a very tight range yesterday, but a discernible rally began at 1 p.m. BST, which was twenty minutes before the Comex open. That rally met its match at, or just before, the London p.m. gold fix---and the price got sold down a dime or so by 10:30 a.m. EDT. After that it traded pretty flat, although the price got hit for about ten cents at precisely 2 p.m. EDT as well. The high and low price ticks were reported as $19.585 and $19.395 in the September contract. Silver closed yesterday at $19.45 spot, up 4.5 cents from Tuesday. Volume was pretty heavy because of roll-overs out of the September contract, but it all netted out to only 22,500 contracts. Platinum traded flat until the Zurich open---and then it got sold off gently to its 3:30 p.m. [or thereabouts] low. After that it gained a few dollars into the close. Platinum got closed down another 12 bucks. It was the same for palladium, although the sell-off at the Zurich open was a bit more intense. The decline ended just before lunch in New York---and after that it traded flat, but lost another 14 dollars---and is now down twenty-five bucks off its Monday high. The dollar index closed late on Tuesday afternoon in New York at 81.87. Once it opened for trading again it traded flat until about 9:30 a.m. Hong Kong time. After that it rallied quietly up until 2 p.m. EDT yesterday, then it jumped not quite 20 basis points in just a few minutes---and after that it didn't do much into the close. The index finished the Wednesday session at 82.25---up a chunky 38 basis points. The action at 2 p.m. appeared to be another 'ramp the dollar index/sell the precious metals' moment---just like what happened at the Comex open on Tuesday. The gold stocks opened in slightly negative territory---and finally broke into positive territory just before lunch in New York. At that point, the rally picked up a bit more steam, but that all ended the moment 'da boyz' hit the 'buy the dollar/sell gold and silver' button. After trading in the red for an hour or so, the stocks managed to finish the day unchanged, as the HUI close up 0.02%. The silver equities chart looked the same---and the precision of the 2 p.m. EDT sell-off is to be marveled at. Nick Laird's Intraday Silver Sentiment Index closed basically unchanged as well, down only 0.07%. The CME Daily Delivery Report showed that 268 gold and 1 lonely silver contract were posted for delivery within the Comex-approved depositories on Friday. The only short/issuer of note was Barclays out of its in-house [proprietary] trading account. The three largest long stoppers were JPMorgan with 151 contracts for its client account, 85 contracts for Canada's Scotiabank---and 29 contracts for Barclays in its client account as well. I continue to be amazed by the number of gold contracts that are being delivered into JPMorgan's client account lately. What do they know that we don't? The link to yesterday's Issuers and Stoppers Report is here. Much to my surprise, there was more gold added to GLD yesterday, as an authorized participant deposited 28,860 troy ounces of the stuff. And I was even more amazed to discover that another 1,439,175 troy ounces of silver had been deposited into SLV. Obviously JPMorgan is in some hurry to pay down its short position in that ETF. Since August 4, there has been 8.44 million troy ounces of metal added to SLV---and it certainly wasn't deposited because the price of silver has been rising and silver investors having been buy SLV shares like mad. Au contraire, the silver price has fallen just under 75 cents since that date. The U.S. Mint had another sales report again yesterday. They sold 1,000 troy ounces of gold eagles---1,500 one-ounce 24K gold buffaloes---and another 100,000 silver eagles. There was no in/out movement in gold at the Comex-approved depositories on Tuesday, but silver more than made up for it, as 1,239,186 troy ounces were deposited---and a smallish 66,671 troy ounces were shipped out. The link to that activity is here. Since yesterday was the 20th of the month, the good folks over at The Central Bank of the Russian Federation updated their website with their July data. It showed that they added 300,000 troy ounces of gold to their 'official' reserves. Their reserves now stand at 35.5 million troy ounces---and Nick Laird's most excellent chart below reflects that change. Try as I may, I just can't get the number of stories down to a manageable size, so I always have to wimp out and get you to edit it for me. Today's list is no exception.
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.