NEW YORK ( TheStreet) -- After the usual down tick at the New York open at 6:00 p.m. on their Tuesday evening, the gold price got sold down about five bucks in the first four hours of Wednesday morning trading in the Far East. It didn't do much until the London open, where the price managed to struggle and break the $1,200 spot price mark on a couple of occasions, with the last one coming at the 10:30 a.m. GMT London gold fix---and by 10:30 a.m. EST, gold was down a couple of bucks. Then JPMorgan et al, along with their HFT partners in crime, ambushed the market with their algorithms---and the gold price was down twenty bucks in less than 20 minutes. Then at noon, the price got catapulted higher until it hit its Tuesday closing price in New York. It hung around unchanged until about 2:20 p.m. in electronic trading, before getting sold down another fourteen bucks by 3:15 p.m. EDT. From that point it traded sideways into the 5:15 p.m. close. The high and low ticks were reported by the CME Group as $1,201.70 and $1,173.90 in the December contract. Gold finished the Wednesday trading session at $1,183.10 spot, down $14.40 from Tuesday's close. Gross volume was over the moon at 315,000 contracts, but once the roll-overs were subtracted, it netted out at 216,000 contracts, which is still a gargantuan number. Here's gold's 5-minute tick chart from yesterday courtesy of reader Brad Robertson---and note the volumes on the price moves. Remember to add two hours for New York Time---and the 'click to enlarge' feature works wonders here. Silver's price path on Wednesday was the same as gold's, but different in some respects. The low of the day came around 12:30 p.m. Hong Kong time---and from that point it rallied unsteadily until a few minutes after the COMEX open---and then it flat-lined into the JPMorgan-sponsored shenanigans at 10:30 p.m. in New York. The noon silver rally blew far past its Tuesday closing price but, once again, 'da boyz' were there to beat silver down to a loss on the day by 2:45 p.m. EST---and it traded flat into the close from there. The low and high ticks were recorded as $15.87 and $16.535 in the December contract, an intraday move of 4 percent. Silver was closed on Wednesday at $16.13 spot, down 6 cents from Tuesday's close. Gross volume was sky-high as well, north of 113,000 contracts, but it all netted out to 57,500 contracts---which is still huge by any stretch of the imagination. Platinum and palladium weren't spared, either---and both got sold down substantial amounts on the day. Platinum was closed down 16 bucks---and palladium was closed down 10 bucks. Note that palladium's high tick came at exactly 10 a.m. EST. The dollar index closed the Tuesday trading session at 87.61---and it's 87.77 high tick came at 11 a.m. Hong Kong time on their Wednesday morning. From there the index chopped lower---and on at least three occasions it appeared that 'gentle hands' were required---and provided. The 87.42 low tick came around 2:15 p.m. EST---and from there it rallied back to above unchanged in very short order. From there the index chopped sideways, closing the Wednesday session at 87.69---up 8 basis points on the day. Despite the fact that gold was up a few bucks at the opening of the equity markets in New York yesterday, the gold stocks opened down---and stayed there for the remainder of the day, with the HUI closing almost on its low tick, down 6.03%---giving back almost all its gains from Monday and Tuesday. It was more or less the same story in the silver equities, as they closed near their lows as well. Nick Laird's Intraday Silver Sentiment Index closed down 5.76%. The CME Daily Delivery Report showed that one lonely gold contract was posted for delivery within the COMEX-approved depositories on Friday. The CME Preliminary Report for the Wednesday trading session showed that gold open interest in the November delivery month is 28 contracts, up 8 from yesterday's report---and for the third day in a row the November o.i. for silver was unchanged at 88 contracts. There was a withdrawal reported from GLD yesterday. This time an authorized participant took out 67,271 troy ounces---and as of 9:55 p.m. EST yesterday evening, there were no reported changes in SLV. The good folks over at Switzerland's Zürcher Kantonalbank updated their website with the changes to their gold and silver ETFs as of the close of trading on Friday, November 14. Their gold ETF declined by 15,966 troy ounces---and their silver ETF dropped by 12,784 troy ounces. There was a small sales report from the U.S. Mint. They didn't sell any gold, but sold another 40,000 silver eagles. It was another decent volume in gold over at the COMEX-approved depositories on Tuesday, but that activity was dwarfed once again by what happened in silver. In gold, nothing was reported received, but 32,935 troy ounces were reported shipped out---and the link to that activity is here. In silver, there was 1,084,875 troy ounces reported received---and 760,782 troy ounces shipped out for parts unknown---and the link to that action is here. Since today is the 20th of the month---and it falls on a weekday--- The Central Bank of the Russian Federation will update its website with data for the month of October. Included in it will be the amount of gold that they have purchased for their reserves during that month---and one of the first stories in my in-box yesterday morning was Mark O'Byrne's commentary over at goldcore.com---and the headline read " Gold Rises After Unusual Russian Central Bank Gold Buying Announcement". I have the full story in my column, but you can read it now if you wish. In that story, Russian Central Bank Governor Elvira Nabiullina made the statement that the bank had purchased 150 tonnes of gold so far this year. Doing some adding and subtracting from Nick Laird's " Russian Reserves" chart shows that they bought pretty close to 1.2 million troy ounces during October to make that 150 tonne number work out right, or around 37 tonnes. This news will be all over the Internet today, I'm sure---and I'll have the chart, plus the actual number, in tomorrow's column. Yesterday I got an e-mail, plus a chart, from GATA's good friend Richard Nachbar---and here's what he had to say for himself: Hi Ed! Hello from the Weather Channel's winter headquarters! Between lake-effect snow bands, we thought it would be a good time to update our in-house U.S. 90% SILVER COINS graph, depicting the premium/discount history going back to 1998. You may recall that I sent the previous update to you in May 2013, right after the big silver price smack down, when the premium on these popular coins spiked to above 15% and the chart left one open to the possibility of a third spike to 40%. Looking back today, hindsight shows us that the premiums eventually drifted back to 5%, then flat a few weeks ago. Then the recent silver price drop to $15.00 per ounce brought out more buyers than sellers and the premium shot up to 10.52% last Friday where we also stand today. The only way I see the premium going much higher would be if silver prices fell below $15.00, as in late 2008. I would be happy to see the rising premium alternative of a shortage across the entire spectrum of silver products combined with rising silver prices, but in my opinion that will not happen in 2014. So, we wait. Richard I don't have all that many stories today, although some of them are rather lengthy---and I hope you have the time for the most important ones.
This is an abbreviated version of As the "Sanctions War" Heats Up, Will Putin Play His 'Gold Card'?, 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.