Another down day for the precious metal equities. GLD unchanged---SLV up a bit. Another day with no sales from the U.S. Mint---and not much in/out activity in gold or silver at the COMEX-approved depositories on Tuesday.
NEW YORK ( TheStreet) -- Well, the HFT boyz, along with their algorithms and spoofing, were nowhere to be seen on Wednesday as the gold price traded in about a seven dollar price range. However, a new low price tick was set for this move down minutes after the COMEX open. The highs and lows from yesterday aren't worth the effort of looking up. Gold closed in New York yesterday at $1,188.00 spot, up the magnificent sum of 20 cents the ounce. Gross volume, as expected, was over the moon at 363,000 contracts, but it all netted out at only 37,000 contracts as the large traders had to be out at the close of COMEX trading. Silver traded basically unchanged until shortly after the morning gold fix in London yesterday---and its new low tick for this move down also came minutes after the COMEX open---no coincidence, I'm sure. The silver price rallied a bit until 10:20 a.m. EDT, before getting sold down until 11:15 a.m. EDT. From there it traded flat into the close of electronic trading. The high and low ticks in silver were recorded by the CME Group as $16.81 and $16.58 in the July contract. Silver finished the Tuesday session at $16.65 spot, down 7 cents from Tuesday's close. Gross volume was 38,500 contracts, but netted out to only 25,500 contract. The surprise in these numbers was the heavy roll-overs out of July, with 2,156 contracts into September---and 3,918 contracts into December. I don't know if it means anything---and I'll try to remember to ask Ted today.