NEW YORK ( TheStreet) -- After trading virtually flat for all of Far East, most of London trading---and early trading in New York, the gold price got hit at 11:00 a.m. EST on the dot just as London closed for the day. The low tick came thirty minutes later---and then at precisely 2 p.m. EST, the gold price rocketed 12 bucks higher in just minutes, which was probably a result of the release of the Federal Reserve's January meeting---and crawled higher from there, closing virtually on its high tick of the day. The low and high were recorded by the CME Group as $1,197.20 and $1,213.40 in the April contract. Gold closed in New York yesterday afternoon at $1,213.30 spot, up $3.50 from Tuesday's close. Considering the price volatility, net volume was pretty light at around 111,000 contracts. Here's the 5-minute tick chart for gold courtesy of Brad Robertson---and you should note the volume spikes on the price moves throughout the trading session. Considering the price volatility in New York, the associated volume can hardly be called robust. Silver didn't do much in price and volume terms on Wednesday, either. The Far East high tick, such as it was, came shortly after 2 p.m. Hong Kong time---and less than an hour before the London open. from that point the silver price chopped quietly and unsteadily lower, with the low tick coming shortly before the 1:30 p.m. COMEX close. Like gold, silver also had its little price spike at 2 p.m. in electronic trading on the Fed news, or lack thereof---and recovered all its losses on the day in the process. From that point onwards, the price didn't do a lot. The high and low were recorded as $16.575 and $16.23 in the March contract. Silver finished the Tuesday session at $16.495 spot, up 2.5 cents on the day. Gross volume was pretty high, but once the roll-overs were taken out, net volume dropped down to only 26,000 contracts. The platinum charts was a mini version of the gold chart---and the palladium charts was a mini version of the platinum chart, sort of. Platinum closed at $1,169 spot, down four dollars---and palladium finished the Wednesday session at $775 spot, down an even five bucks. Here are the charts. The dollar index closed late on Tuesday afternoon at 94.13---and from there came close to dipping back below the 94.00 mark late in Far East trading on their Wednesday morning. Then, starting at 2 p.m. Hong Kong time, the index began to chop higher, hitting its 94.50 high tick minutes after 12 o'clock noon in New York. It hung in there at that level until the Fed news at 2 p.m. EST---and then fell like a stone within minutes to within an eyelash of 94.00 once again. It "recovered" a handful of basis points from there---and didn't do much for the remainder of the day. The dollar index closed yesterday at 94.10---which was basically unchanged from Tuesday. The gold stocks spent half of Wednesday morning fighting to stay in positive territory, but finally gave up the ghost shortly after 11 a.m. EST---and traded down a percent and change until 2 p.m. EST. Then they blasted into positive territory immediately on the out-of-the-blue price spike in gold---and then crawled higher for the remainder of the New York trading session. The HUI closed up 2.02 percent. In most respects, the silver equities followed the path of their golden brethren, complete with the 2 p.m. EST price spike---and Nick Laird's Intraday Silver Sentiment Index closed up 1.77 percent. The CME Daily Delivery Report showed that zero gold and 36 silver contracts were posted for delivery within the COMEX-approved depositories on Friday. The only short/issuer was Jefferies---and they stopped 16 contracts as well. Canada's Scotiabank stopped the other 20 contracts. Even though February, like January, isn't a big delivery month in silver, there have been 420 silver contracts posted for delivery already this month. The CME Preliminary Report for the Wednesday trading session showed that gold open interest dropped by the 49 gold contracts being delivered today---and February o.i. is now down to 552 contracts. Silver's February open interest is still unchanged at 56 contracts, but 50 contracts of that amount can be subtracted as per the Friday deliveries posted in the previous paragraph. There was a small 9,600 troy ounces of gold withdrawn from GLD yesterday---and I would suspect that this amount represented a fee payment of some kind. But the big surprise was in SLV, as authorized participants deposited a whopping 3,971,459 troy ounces yesterday. It's a safe bet that this was deposited to cover part of an existing short position in this ETF. And because it was deposited on a Wednesday, it's a good bet that it won't be in tomorrow's SLV bar list report from Joshua Gibbons---and it certainly won't be in next week's short position report from the folks over at shortsqueeze.com. The good folks over at Switzerland's Zürcher Kantonalbank updated their website with the changes in their gold and silver ETFs as of the close of business on Friday, February 13---and this is what they had to report. Their gold ETF dropped, but only by 2,565 troy ounces. However, their silver ETF had a very chunky withdrawal of 268,457 troy ounces. There was a very decent sales report from the U.S. Mint yesterday. They sold 5,000 troy ounces of gold eagles---3,000 one-ounce 24K gold buffaloes---and 625,000 silver eagles. There wasn't a lot of gold movement at the COMEX-approved depositories on Tuesday, as only 8,407 troy ounces were reported received---and two kilobars were shipped out. But it was another very decent day for silver movement, as 498,299 troy ounces were reported received---and 532,516 troy ounces were shipped out. The link to that activity is here. I don't have a lot of stories today---and that suits me, and probably you, just fine.
This is an abbreviated version of The Reserve Bank of India Lifts Ban on Import of Gold Coins, Medallions by Banks, 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.