NEW YORK ( TheStreet) -- The gold price didn't do a lot during the Wednesday trading session---and the high, if you wish to dignify it with that name, appeared to come shortly after the London open. The 'low' came around 11:30 a.m. EDT---and the price didn't do much after that. The high and low ticks are barely worth the effort of looking up, but they were reported as $1,226.70 and $1,216.20 in the December contract. Gold ended the Wednesday session in New York at $1,216.60 spot, down $6.30 from Tuesday's close. Net volume checked in at around 123,000 contracts. The silver price didn't have much direction yesterday. The 'high' came about forty minutes before London opened---and the 'low' was at the 3 p.m. BST London p.m. golf fix---and the subsequent 'rally' didn't get far. The CME Group reported the high and low ticks as $17.87 and $17.51 in the December contract, which is the current front month---and the next big delivery month. It's the same for gold as well. Silver closed on Wednesday at $17.675 spot, down 10.5 cents from yesterday---and net volume was very brisk at 47,000 contracts. Platinum rallied up until shortly after Zurich opened---and that was pretty much it for the day, as that white metal got closed virtually on its low tick of the day---as da boyz took a $12 gain and turned it into a $12 loss. Palladium's high tick, which came at the same moment as platinum's high tick, had that metal up ten bucks. But JPMorgan et al showed up once again---and the gain ended up being only two dollars by the end of the Wednesday session in New York. The dollar index closed late yesterday afternoon EDT at 84.70---and then didn't do much until just before noon in London. At that point a rally began that topped out at the 85.07 mark. It fell back to 84.95 by 11:00 a.m. EDT---and then rallied weakly, closing the Wednesday session at 85.06---up another 36 basis points. The dollar index is up 6.5 percent since July 1. Here's the 3-year dollar index chart once again to put this current rally in some sort of historical perspective. The gold stocks opened in the red, but by just after 10:30 a.m. EDT were back in the black. That lasted for less than twenty minutes---and they never got a sniff of positive territory after that. The HUI finished down 1.21%---erasing half of Wednesday's gain. The silver stocks were down 2 percent by shortly after 10 a.m. EDT---and the subsequent rally only got a whiff of unchanged before it got sold down once again. The absolute low came at 2:30 p.m. in New York---and they rallied a bit into the close, as Nick Laird's Intraday Silver Sentiment Index closed down 1.74%. The CME Daily Delivery Report showed that zero gold and 10 silver contracts were posted for delivery within the Comex-approved depositories on Friday. The CME Preliminary Report for the Wednesday trading session showed that there are just 13 gold and 70 silver contracts left open in the September contract. There were no reported changes in GLD yesterday, but that can hardly be said about SLV, as another 2,397,420 troy ounces of silver were reported deposited by an authorized participant. When I typed the above number, it seems strangely familiar, so I checked the deposit of about that size that was made into SLV on Tuesday---and that worked out to 2,397,570 troy ounces, so I'm wondering out loud if there was an error of some kind, such as double counting. I'll find out today---and then report on this tomorrow, so stay tuned. The good folks over at the shortsqueeze.com Internet site updated their website with the short positions in both SLV and GLD as of the close of trading on September 15. In SLV, the short position declined from 14,299,000 shares/troy ounces down to 13,729,200 troy ounces, a decrease of only 570,000 shares/troy ounces, or 3.98%. During the reporting period, a hair over 8.0 million troy ounces of silver was deposited, so it's obvious that the remaining short position in SLV is of the 'plain vanilla' type---and JPMorgan, along with any other authorized participant, are no longer short the metal in SLV---and 'value investors' have been depositing the metal and taking shares in lieu of the physical, which is a rather strange way to do things. GLD went the other way, as the short position increased from 1,339,090 troy ounces up to 1,551,990 troy ounces, an increase of 212,900 ounces, or 15.90%. This sounds like a lot, but in the grand scheme of things it really isn't---and all of it would of the 'plain vanilla' variety as well. In some respects I'm surprised it was as low as that considering the price action in gold during the reporting period. The folks over at Switzerland's Zürcher Kantonalbank updated their website with the current data from both their gold and silver ETFs for the week ending on Sept 19. Once again both ETFs declined during the reporting week, as their gold ETF sold off 31,200 troy ounces---and their silver ETF was lower by 132,814 troy ounces. There was another sales report from the U.S. Mint yesterday. They sold 2,500 troy ounces of gold eagles---500 one-ounce 24K gold buffaloes---and 35,000 silver eagles. There was no gold deposited over at the Comex-approved depositories on Tuesday, but 35,497 troy ounces were shipped out. Virtually all of it came out of Canada's Scotiabank---and the link to that activity is here. And, for a change, there was virtually no action in silver, as nothing was reported received---and a tiny 17,443 troy ounces were shipped out. I have the usual number of stories for a mid-week column---and here's hoping that you'll find the odd one that interests you.
This is an abbreviated version of Rickards Tells Anglo Far-East the Methods, Objectives, and Perps of Gold Market Rigging, from Ed Steer's Gold & Silver Daily.Sign-up to have to the complete market review delivered to your email inbox each morning for free.