NEW YORK ( TheStreet) -- Not unexpectedly, it was a 'nothing' sort of trading day as the December contract went off the board---and the gold price was kept safely confined under $1,200 spot---and it's current 50-day moving average, which is just over the $1,205 mark at the moment. The high and low ticks aren't worth the effort to look up. Gold finished the Wednesday session at $1,198.00 spot, down $3.20 from Tuesday's close. Volume, net of roll-over activity was pretty decent at around 133,000 contracts, with the lion's share of that in the new front month which is February. Gross volume was 208,000 contracts. Silver traded in a 20 cent range all day long. There was a 1 percent rally between the Comex open and the London p.m. gold fix, but that 'gain' disappeared by the 5:15 p.m. close of electronic trading. Once again the highs and lows aren't worth the time to look up. Silver finished the Wednesday trading session in New York at $16.54 spot, down 12.5 cents from Tuesday. Net volume was decent as well at 37,500 contracts. The platinum price traded very flat for all of the Wednesday trading session, but did manage to finish up four dollars on the day. Palladium had a bit of a roller coaster ride---and manged to break above the $800 spot price mark a couple of times, closing right on the $800 spot mark, up ten bucks on the day. Here are the charts. The dollar index closed at 87.89 late on Tuesday afternoon in New York. From there it didn't do much until a smallish rally materialized around 8:35 a.m. GMT in London. The 88.03 high tick came around 10:20 a.m. in London---and then sold off to its 87.53 low tick minutes before 11 a.m. in New York. From there it rallied handful of basis points into the close, finishing the Wednesday session at 87.68---down 21 basis points from Tuesday. The chart pattern on Wednesday was almost a carbon copy of the chart pattern on Tuesday---and Monday. Here's the 3-day dollar index chart so you can see for yourself. The gold stocks opened down---and hit their low tick around 12:40 a.m. EST. They rallied until 3:40---and from there got sold down into the close. The HUI finished lower by 1.53%. The silver equities followed an identical path, as Nick Laird's Intraday Silver Sentiment Index closed down 2.44%. The CME Daily Delivery Report showed that 3 silver contracts were posted for delivery within the COMEX-approved depositories on Friday. These are brand new last-minute deliveries, as they didn't appear in yesterday's Preliminary Report from the CME, as the remaining deliveries for November were posted yesterday---and will be delivered on Friday as well. The CME Preliminary Report for the Wednesday trading session showed that there's nothing left to deliver in the November contract, as everything has already been posted in the above Daily Delivery Report. December o.i. in gold is way up there at 11,524 contracts---and silver's December open interest is 3,966 contracts. Without doubt, these numbers will be revised considerably lower when this report is updated to its 'Final' version mid-morning EST on Friday. First Day Notice numbers for 'Day 1' of the December delivery month will be posted on the CME's website on Friday evening EST sometime. There was a withdrawal from GLD yesterday, as an authorized participant took out 67,265 troy ounces. And as of 9:43 p.m. EST yesterday evening, there were no reported changes in SLV. There was no sales report from the U.S. Mint. Here in Canada, the Royal Canadian Mint finally got around to posting its third quarter financial statements---and here is what they had to say about bullion sales for the July/September period on page 6 of that report. " The volume of Gold Maple Leaf (GML) sales declined 29.7% to 137,000 ounces compared to 195,000 ounces in the same period in 2013. Sales of Silver Maple Leaf (SML) coins declined 19.4% to 5.4 million ounces from 6.7 million ounces in the same period last year." " As in the second quarter of fiscal 2014, the decline in GML demand during July and August reflected the shift in investor sentiment as global economies appeared to be recovering. This reversed in early September with sombre economic news coming from Europe and China, and as geopolitical tensions in the Middle East caused the price of oil to drop." It's a slam dunk that what happened to silver maple leaf sales in July and August is exactly what happened to silver eagles sales in the U.S. during the same time period. "Mr. Big" buyer---Ted thinks JPMorgan---knew that silver prices were about to head lower [because they engineered it] so they stepped away from the table, only to return when deed had been done, saving millions for themselves---and screwing the RCM for the same amount. [Jamie Dimon's daughter would be so proud! See the Critical Reads section for that story.] Note in the second paragraph that the key words are " This reversed in early September… " and it's an excellent bet that JPMorgan had returned to the table and bought every SML that the mint hadn't sold up to that point. Using silver eagles sales in the U.S. in the third quarter-to-date as a proxy for third quarter SML sales, it's safe to say that the RCM will have an excellent fourth quarter for silver maple leaf sales---and close to another record year. However, if that is the case, we won't know about it until the mint files its year-end report, probably at the end of February, if not later. There was no in/out activity in gold at the COMEX-approved depositories on Tuesday. There was a bit of activity in silver, as 100,124 troy ounces were shipped out---and nothing was received. The link to that action is here. I have the usual number of stories for a mid-week column---and there is one absolute must read in here as well.
This is an abbreviated version of India’s November Imports Could Exceed 100 Tonnes Again, 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.