NEW YORK ( TheStreet) -- Every attempt by gold to break above the $1,200 spot price mark during the Wednesday trading session was quickly sold off---and even the sharp rally after the FOMC meeting wasn't allowed to infringe on that price point. After that attempt, the price got sold down to its low of the day, which came a minute or so after 3:00 p.m. EST in electronic trading. The price rallied a bit after that, but still closed down on the day. The high and low ticks were reported by the CME Group as $1,203.10 and $1,182.00 in the February contract. Gold closed in New York on Wednesday at $1,188.90 spot, down $6.10 from Tuesday's close. Volume, net of December and January, was 180,000 contracts. It was more or less the same type of price activity in silver as well, but its attempt to break above the $16 spot price mark on the FOMC news wasn't allowed to get anywhere, either---and silver got sold down to just above Tuesday's closing price. The high and low ticks were recorded as $16.06 and $15.615 in the March contract. Silver was closed at $15.75 spot, up 3 whole cents from Tuesday. Volume, net of December and January, was an even 50,000 contracts. Platinum hugged the $1,200 spot price mark for most of the Wednesday trading session, before succumbing to the same post-FOMC meeting selling pressure that gold and silver went through. Platinum closed at $1,186 spot, down 6 bucks from Tuesday. Palladium rallied to its high of the day around 10 a.m. Zurich time---and then it gold sold down to its low just before lunch in New York. It recovered a few dollars from there---and the FOMC news barely affected this metal. Palladium was closed down 4 dollars on the day at $776 spot. The dollar index closed late on Tuesday afternoon at 87.97---and never looked back in what was one of its most volatile trading sessions in my memory. After initially selling off at 2 p.m. EST on the FOMC news, there was obviously someone there to run the dollar index up, as it closed at 89.075---up an eye-watering 107 basis points. And while I'm at it, here's the 6-month intraday. The gold stocks gapped up a bit at the open---and then proceeded to chop higher in a very wide range. The HUI came to close to finishing on its high tick---up 5.27% on the day. The silver equities opened down slightly, but finally broke into positive territory to stay shortly before 11 a.m. EST. But they didn't do that with much conviction---and they chopped sideways until a late-day rally began shortly after 3 p.m. that took the shares up to their highs of the day---and that's where they closed, as Nick Laird's Intraday Silver Sentiment Index finished up 3.70%. The CME Daily Delivery Report was a bust, as no gold or silver contracts were posted for delivery within the COMEX-approved depositories on Friday. The only metal posted for delivery was 35 copper contracts. The CME Preliminary Report for the Wednesday trading session showed that December gold open interest declined by 6 contracts, leaving the December o.i. balance at 765 contracts. Glancing at the silver numbers, December open interest declined by 79 contracts, most of which was the 72 deliveries posted for today that were reported in yesterday's column. The December o.i. in silver is now down to 101 contracts. There were no reported changes in GLD yesterday---but there was a big withdrawal from SLV, as an authorized participant took out 2,011,401 troy ounces. There was no sales report from the U.S. Mint yesterday. Over at the COMEX-approved depositories on Tuesday, there was 20,736 troy ounces of gold reported received, but only 908 troy ounces shipped out. The link to that activity is here. In silver, only 963 troy ounces were received---and only 151,592 ounces were shipped out the door. The link to that activity is here. I have a decent number of stories again today, so I hope you find some in the list below that you like. A lot of these news items have to do with Russia, oil, the U.S. dollar, etc---and with Putin's press conference at noon Moscow time today [4 a.m. EST this morning]---some, or all, what's in these stories may no longer hold true.
This is an abbreviated version of Lawrence Williams: Have Gold and Silver Really Bottomed This Time?, 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.