NEW YORK ( TheStreet) -- The gold price didn't do much until about 1:30 p.m. Hong Kong time on their Wednesday afternoon. From there the price declined into the London a.m. gold fix. It rallied a hair from there until "da boyz" showed up minutes before 12:30 p.m. EDT---and in short order they'd peeled another ten spot off the price. The price rallied a bit until 2 p.m. EDT---and then didn't do a lot after that. Gold finished the Wednesday session in New York at $1,185.00 spot, down $7.70 from Tuesday's close. Net volume, which was almost all of the HFT variety, was around 118,000 contracts. The high and low ticks were reported by the CME Group as $1,195.60 and $1,179.10 in the August contract. Here's the 5-minute tick gold chart from yesterday, courtesy of reader Brad Robertson---and you can see the big volume spike associated with the engineered price decline during the New York lunch hour yesterday. Midnight EDT is the dark gray vertical line---and you have to add two hours for EDT, as this chart is scaled for MDT. The ' click to enlarge' feature really helps as well. The silver price was pretty comatose up until around 1:30 p.m. Hong Kong time on their Wednesday afternoon as well. At that point it developed a negative bias---and that culminated in a down/up move courtesy of the HFT boyz during the New York lunch hour, the same as gold. From its low at 12:45 p.m. EDT, the silver price rallied quietly until around 3:30 p.m., before getting sold down a hair into the close of electronic trading. The high and low ticks were recorded as $16.795 and $16.375 in the July contract. Silver finished the Wednesday session at $16.475 spot, down 27 cents on the day. Net volume was pretty decent at around 38,000 contracts---and there was big roll-over action out of July, as gross volume was way up there at 74,838 contracts. In most respects the platinum chart was just a variation of the gold and silver charts, with the low tick coming shortly before 1 p.m. in New York. Platinum was closed at $1,101 spot---down 9 bucks from Wednesday, the same closing price as on Monday. You should note that the $1,100 spot level has been tested for three days in a row---and it's still holding---for now, that is. Ditto for palladium---and at its 12:45 p.m. EDT low tick, it was down $16 on the day. It recovered a bit and closed at $756 spot, down an even 10 dollars from Tuesday. The dollar index closed late on Tuesday afternoon in New York at 95.95---and poked its nose ever-so-briefly above the 96.00 level in early Far East trading before heading lower. 'Gentle hands' showed up around 2:35 p.m. Hong Kong time on their Wednesday afternoon---and by the time the rally was done by around 8:55 a.m. in New York, the index was back around the 96.34 mark. It got sold off at that point, with Wednesday's absolute low tick of 95.28 coming at noon on the button in new York. It rallied a hair during the remainder of the trading session and closed up 42 basis points at 95.37. Here's the 1-year U.S. Dollar chart so you can keep an eye on the bigger picture. The gold stocks got close to breaking into the black shortly after the London p.m. gold fix---and then headed lower until 12:45 p.m. at gold's engineered price low. From there they chopped a hair higher into the close, as the HUI finished the Wednesday session down an even 2.00 percent. The silver equities actually did make it into positive territory for around an hour, but after that, the price pattern was identical to the HUI's---however their post-low recovery was a hair more robust than their golden brethren. Nick Laird's Intraday Silver Sentiment Index closed down 'only' 1.19 percent. The CME Daily Delivery Report for Day 4 of the June delivery month showed that 10 gold and zero silver contracts were posted for delivery within the COMEX-approved depositories on Friday. The only short/issuer was JPMorgan out of its client account. The CME Preliminary Report for the Wednesday trading session showed that 518 gold contracts disappeared into thin air yesterday, as the new o.i. number is now down to 1,544 contracts. And for the third day in a row, June open interest remained unchanged at 33 contracts. There were no reported changes in GLD---and as of 9:10 p.m. EDT yesterday evening, there were no reported changes in SLV, either. There was another sales report from the U.S. Mint, the fourth in a row. They sold 3,000 troy ounces of gold eagles---500 one-ounce 24K gold buffaloes---and another 150,000 silver eagles. In the last four business days the mint has sold 1,302,000 silver eagles, but only 16,000 troy ounces of gold eagles and one ounce gold buffaloes combined. Ted's big buyer, JPMorgan, appears to be still there---and he mentioned that in his mid-week commentary to his paying subscribers yesterday. It was another quiet in/out day in gold at the COMEX-approved depositories on Tuesday, as nothing was received---and only 2,339 troy ounces were shipped out. But silver more than made up for it as 1,196,312 troy ounces were reported shipped in---and 618,352 troy ounces were sent out the door. The link to the silver action is here. Over at the COMEX-approved gold kilobar depositories in Hong Kong on their Tuesday, they received 5,119 kilobars---and shipped out 6,319. As usual, all of the activity was at Brink's, Inc. The link to that, in troy ounces, is here. I have the usual number of stories for a mid-week column---and I hope you'll find a few that interest you.
This is an abbreviated version of Gold Declines For Second Day As Investors Await U.S. Jobs Data, 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.