NEW YORK ( TheStreet) -- Nothing much should be read into the gold price action yesterday, except to note that the tiny gains that were present at the Comex open in New York on Wednesday, got cut in half by around 11:30 a.m. EDT. After the gold price traded flat into the 5:15 p.m. close of electronic trading. Once again the low and high ticks aren't worth my effort to look up. Gold closed in New York at $1,282.70 spot, up $2.10 from Tuesday's close. Net volume was extremely light at only 55,000 contracts. Not much happened in silver yesterday, either---although the 'rally' from the London silver fix into the Comex open met the same fate as it has for the last three days in a row. The price traded well within a two-bit range, so I shan't look up the low and high ticks for silver, either. Silver finished the Wednesday session at $19.435 spot, up a whole 8 cents from Tuesday's close. And, as expected, gross volume was enormous at 79,000 contracts as the large traders had to be out of their September futures contracts by the end of Comex trading yesterday. Net volume was a tiny 3,600 contracts. Platinum rallied about a percent---and hit its high at 10 a.m. Zurich time---and that was it for the rest of the day, although it rallied a handful of dollars a few minutes before the 5:15 p.m. EDT close. The metal finished up six bucks. Palladium chopped around a dollar or two either side of unchanged until 9 a.m. EDT in New York. Then it rallied up to $891 spot---and wasn't allowed to trade any higher than that. Palladium got sold off four bucks going into the close of electronic trading---and only finished up 6 bucks at $887 spot. The dollar index closed late on Tuesday afternoon in New York at 82.67---and then chopped sideways until London opened. The 82.41 low came around 10:45 a.m. EDT---and from there it rallied a handful of basis points, finishing the Wednesday trading session at 82.47---down 20 basis points on the day. The gold shares traded basically sideways in a very tight range either side of unchanged---and the HUI finished down 0.12%. Nothing to see here. The silver equities rallied into positive territory shortly after trading began at 9:30 a.m. EDT in New York yesterday, but it was quietly down hill from there, as Nick Laird's Intraday Silver Sentiment Index closed down 1.12%. The CME Daily Delivery Report showed that 39 gold and one silver contracts were posted for delivery within the Comex-approved depositories on Friday. Morgan Stanley issued all of them---and Canada's Scotiabank stopped most of them. The link to yesterday's Issuers and Stoppers Report is here. The CME Preliminary Report for the Thursday trading session showed that 39 gold and one silver contract were still open for August---and once you subtract out the deliveries posted in the previous paragraph, you'll see that the August delivery month is done. First day notice for delivery into the September silver contract should be posted on the CME's website late this evening EDT---and I'll have all the numbers for you in tomorrow's column. There were no reported changes in GLD yesterday---and as of 9:15 p.m. EDT yesterday evening, there were no reported changes in SLV, either. There was no sales report from the U.S. Mint. There was a decent amount of gold deposited over at the Comex-approved depositories on Tuesday. Canada's Scotiabank reported receiving 63,993 troy ounces---and none was shipped out. The link to that activity is here. In silver, nothing was reported received, but 494,747 troy ounces were shipped out the door, with almost 90 percent of that amount coming out of the CNT Depository. The rest came out of Scotiabank. The link to that action is here. For the second day in a row I don't have all that many stories, at least not compared to Tuesday's Critical Reads section.
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.