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. The platinum price traded a small handful of dollars higher through all of Far East trading---and into early trading in London. Then, like silver, the price got rolled over just after 10:30 a.m. BST/11:30 a.m. in Zurich---and its new low price for this move down came shortly before and after the close of COMEX trading at 1:30 p.m. EDT. Platinum finished the Wednesday session at $1,117 spot, down 6 bucks from Tuesday. Palladium followed platinum pretty closely up until the price got turned over at 11:30 a.m. Zurich time as well. Its low of the day came during early trading in New York---and it rallied back to unchanged---$778 spot---by the close. The dollar index closed late on Tuesday afternoon in New York at 97.22. It rallied about 15 basis points in early Far East trading on their Wednesday morning before heading lower. It dipped to its 96.90 low of the day around 2:45 p.m. Hong Kong time, but at that point 'gentle hands' appeared and brought it back above the 97.00 mark. After trading flat for a couple of hours, a 'rally' began that took it to its 97.78 high minutes after 9 a.m. in New York---and from there it chopped lower in the close. It finished the Wednesday session at 97.30---up 8 basis points from Tuesday's close. The gold stocks gapped down about 2 percent at the open---and managed to rally into positive territory shortly after 10:30 a.m. EDT on gold's tiny rally after its new low tick---and then they faded from there, with the HUI closing down 0.32 percent. The silver equities got sold down at the open as well, but they never got a sniff of positive territory---and Nick Laird's Intraday Silver Sentiment Index closed down 1.38 percent. The CME Daily Delivery Report showed that 10 gold and 51 silver contracts were posted for delivery within the COMEX-approved depositories on Friday. The largest short/issuer was Canada's Scotiabank with 39 contracts---and the largest long/stopper was JPMorgan with 42 for its in-house [proprietary] trading account. The CME Preliminary Report for the Wednesday trading session showed that gold open interest in May fell by 26 contracts---and is now down to 10 contracts remaining. Those contracts are being delivered tomorrow as per the above paragraph. Silver's open interest fell an amazing 147 contracts, leaving 71 still open, but only 51 were posted for delivery on Friday. What's with the other 20 contracts left over undelivered? Beats the hell out of me---and I await the First Notice Day report this evening for some sort of resolution to this. There were no reported changes in GLD yesterday---an an authorized participant added a smallish 143,355 troy ounces to SLV. For the third day in a row there was no sales report from the U.S. Mint. It was another quiet day in gold at the COMEX-approved depositories on Tuesday, as only 2,500 troy ounces were received, all at HSBC USA---and nothing was shipped out. And it was pretty quiet in silver as well. Only 94,733 troy ounces were received---and 130,239 troy ounces were shipped out. The 'in' activity was at HSBC USA---and most of the 'out' activity was at the CNT Depository. Over at the COMEX-approved gold kilobar depositories in Hong Kong on their Tuesday, they received 4,092 kilobars---and shipped out 3,416 of them. The link to that activity, in troy ounces, is here. I have a decent number of stories for you today, but I'm a little short of precious metal-related stories, as not much has been happening this week. I hope you'll find a few that you feel are worth reading.
This is an abbreviated version of Could South Africa's Gold Mining Industry Be Gone By 2020?, 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.