NEW YORK ( TheStreet) -- The gold price flat-lined all through Far East and early London trading on their Wednesday. There was a bit of bump up at the noon London silver fix, but the real fireworks didn't start until the 8:20 a.m. EDT COMEX open. At that point the dollar index headed south---and the gold price headed north. Volume exploded as JPMorgan et al stepped in front of the technical funds in the Managed Money category. Most of the gains were in by 10:30 a.m. in New York---and the absolute high tick came at the 1:30 p.m. EDT COMEX close. It sold off a few bucks from there, before trading flat for the remainder of the electronic trading session. The low and high ticks were recorded by the CME Group as $1,190.40 and $1,218.50 in the June contract. Gold finished the Wednesday session at $1,215.10 spot, up $22.10 from Tuesday's close. Gross volume was north of 283,000 contracts, but netted out to 'only' 200,000 contracts. It should be obvious that "da boyz" threw everything they had at this rally. Here's the 5-minute tick chart courtesy of Brad Robertson once again---and as you can see, the big volume came between the COMEX open and close, with most of it occurring between the COMEX open and 10:30 a.m. in New York. Add two hours for EDT---and the ' click to enlarge' feature is more than helpful here. After trading more or less sideways through most of the Far East session, silver developed a positive bias starting at 2 p.m. Hong Kong time on their Wednesday afternoon---and after that, the price chart was a virtual carbon copy of the gold chart---and certainly requires no further explanation. The low and high ticks for silver were reported as $16.48 and $17.235 in the July contract. Silver closed in New York yesterday at $17.09 spot, up 61 cents from Tuesday. It would have closed up at least $61 if "da boyz" hadn't showed up. Net volume was over the moon at 72,000 contracts, more than double what it was on Tuesday. The platinum chart was a reasonable facsimile of the price action in gold and silver. That white metal finished the Wednesday session at $1,147 spot, up 16 bucks on the day. Palladium didn't do much---and it closed yesterday at $786 spot, up a dollar. The dollar index closed very late on Tuesday afternoon in New York at 94.56---and began to weaken slightly during the Far East trading session. It was down over 25 basis points by the London open---and rallied back to almost unchanged by the COMEX open. Then the roof caved it. The 93.50 low tick came about ten minutes before noon in New York---and it rallied a hair during the remainder of the Wednesday session, closing at 93.62 and down 94 basis points on the day. Here's the 1-year U.S. Dollar chart so you can see how far it has dropped---and how much further it has [potentially] left to go. The gold stocks gapped up and stayed up. Their highs came at gold's high, the COMEX close---and they faded a bit from there. The HUI finished the Wednesday session up 2.23 percent. The silver equities rallied sharply, with almost all of their gains coming by 10:30 a.m. in New York. After that they chopped more or less sideways for the remainder of the day. Nick Laird's Intraday Silver Sentiment Index closed up a very decent 4.51 percent. The CME Daily Delivery Report showed that 4 gold and 31 silver contracts were posted for delivery within the COMEX-approved depositories on Friday. In silver, the only short/issuer of note was the Japanese bank Mizuho with 28 contracts out of its client account. Not surprisingly, JPMorgan stopped 19 contracts---8 for clients and 11 for itself. HSBC USA stopped 12 contracts. The link to yesterday's Issuers and Stoppers Report is here. The CME Preliminary Report for the Wednesday trading session showed that gold open interest in May fell by 3 contracts down to 145, minus the 4 mentioned in the previous paragraph. In silver, May o.i. dropped by 34 contracts, leaving 375 contracts still open, minus the 31 in the previous paragraph. There were no reported changes in GLD yesterday, but over at SLV an authorized participant added 955,880 troy ounces. I would expect that a very decent chunk of physical silver is owed SLV after yesterday's price action---and it's a given that the authorized participants, principally JPMorgan, will short the shares in lieu of depositing metal, as the metal doesn't exist to satisfy that kind of demand. It's also a given that JPMorgan won't be providing it out of their private stash, either. The good folks over at Switzerland's Zürcher Kantonalbank updated their gold and silver ETFs as of the close of business on Friday, May 8---and here's what they had to report. Their gold ETF added 4,914 troy ounces, but they removed 8,429 troy ounces from their silver ETF. For the second day in a row there was no report from the U.S. Mint. It was a very quiet in/out session at the COMEX-approved depositories on Tuesday. In gold, there was 2,101 troy ounces received---and 16,170 troy ounces shipped out. In silver there was nothing received---and only 38,356 troy ounces shipped out the door. No need to link that activity. It was quite a bit busier at the COMEX-approved gold kilobar depositories in Hong Kong. They received 5,507 kilobars---and shipped out 6,110 kilobars. All of the action was at Brink's, Inc. The link to that activity in troy ounces is here. I have a decent number of stories for you today---and I hope you'll find some in the list below that you'll find worth reading.
This is an abbreviated version of India’s Q1 Gold Demand Up 15 Percent on Positive Mood, 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.