NEW YORK ( TheStreet) -- After the the two hour sell-off going into the London open, the gold priced inched higher until shortly after the p.m. gold fix was in at 10 a.m. EDT in New York. After that it chopped quietly sideways into the close. Once again the high and low ticks aren't worth my effort to look up. Gold finished the Wednesday trading session at $1,209.80 spot, up $1.80 from Tuesday's close. Net volume was on the lighter side at 101,000 contracts, with almost a third of that coming before the London open. It was more or less the same price action in silver, but the obvious sell-off of the quiet rally that occurred at 10:30 a.m. EDT really stands out---and from there it got sold back to unchanged by 3:30 p.m. It traded flat into the close of electronic trading. The high and low ticks were reported by the CME Group as $17.28 and $16.935 in the July contract. Silver closed yesterday at $17.075 spot, up a half a cent. Net volume was 29,500 contracts. Here's the New York Spot Silver [Bid] chart from yesterday---and you can see for yourself how precise the timing was of the smack-down in the smallish silver rally at 10:30 a.m. yesterday. The pop in price at the release of the Fed minutes was taken away as well. Platinum also got sold down a bit going into the London open, but recovered within an hour or so before chopping sideways for the remainder of the Wednesday session. Platinum finished the day at $1,154 spot, up 5 bucks from Tuesday. Ditto for palladium, but the subsequent rally off its pre-London open low tick got dealt with at the COMEX open. It's low came at noon EDT---and it managed to close up only a dollar from Tuesday at $775 spot. The dollar index closed late on Tuesday afternoon in New York around 95.30---and although it made it as high at about 95.80 in late afternoon trading in Hong Kong on their Wednesday afternoon, it fell back to around the 95.50 mark after the London open---and chopped sideways for the rest of the Wednesday session, closing at 95.59---up only 9 basis points on the day. The gold stocks opened up a bit---and chopped sideways until minutes before the Fed minutes were released at 2 p.m. EDT. They powered higher from there, but willing sellers showed up about 2:30 p.m. as the gold price sagged a few dollars---and by the time the equity markets closed in New York yesterday, most of those gains had vanished, as the HUI closed up only 0.13 percent. The silver equities traded more or less in the same pattern---and the sell-off at the 10:30 a.m. EDT is obvious on the chart below, as is the up/down pattern after the Fed minutes were released. Nick Laird's Intraday Silver Sentiment Index closed up 0.63 percent. The CME Daily Delivery Report showed that no gold or silver contracts were 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 May fell by 15 contracts, leaving 124 still open. Silver o.i. dropped by 8 contracts, which still leaves 289 left. There was another withdrawal from GLD yesterday. This time it was 99,510 troy ounces. Since May 1 there has been 765,356 troy ounces of gold removed from GLD---and not a single troy ounce deposited. And as of 9:52 p.m. EDT yesterday evening, there were no reported changes in SLV. The folks over at Switzerland's Zürcher Kantonalbank updated their website with the changes in both their gold and silver ETFs for the week ending Friday, May 15---and this is what they had to report. Their gold ETF added 4,234 troy ounces---and their silver ETF increased by 49,672 troy ounces. For the second day in a row there was no sales report from the U.S. Mint. There wasn't a lot of activity in gold over at the COMEX-approved depositories on Tuesday. They only received 4,600 troy ounces---and shipped 99 ounces out the door. It was much busier in silver as 783,763 troy ounces were reported received, but only 6,250 troy ounces were shipped out. All the 'in' activity was at the CNT Depository and Canada's Scotiabank. The link to that action is here. It was another frantic day at the gold kilobar depositories in Hong Kong on their Tuesday. They received 9,158 kilobars---and shipped out 10,588 kilobars. These are huge amounts of gold, dear reader---and the link to that activity in troy ounces is here. Since yesterday was the 20th of the month, the folks over at The Central Bank of the Russian Federation updated their Internet site with April's data. It showed that they added 300,000 troy ounces of gold to their reserves, which now stands at 40.1 million troy ounces. Here's Nick's most excellent chart showing the change. I have a decent number of stories for you today---and I'll happily leave the final edit up to you once more.
This is an abbreviated version of Russia’s Central Bank Purchases Another 300,000 Troy Ounces of Gold in April, 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.