No change in GLD, but another big deposit in SLV. This time it was 1.43 million troy ounces. No sales report from the U.S. Mint. Decent in/out 'action' in gold at the COMEX-approved depositories on Wednesday---and other big in/out day in silver.
NEW YORK ( TheStreet) -- The gold price chopped around, mostly lower, during the Far East trading session on their Thursday---and both the rally attempt in the Far East---and the one in early London trading, met with a resolute seller the moment that the price attempted to break above unchanged. JPMorgan et al, HFT algorithms in hand, did the dirty starting the moment that COMEX trading began---and by around 11:20 a.m. EDT, their work was done for the day, with another low for this move down. The gold price rallied quietly after that, before chopping sideways starting around 2:40 p.m. in electronic trading. The high and low tick were recorded as $1,186.60 and $1,172.40 in the August contract. The gold price closed in New York yesterday at $1,176.40 spot, down another $8.60 from Wednesday's close. Net volume was very decent at 148,000 contracts. Here's the 5-minute gold tick chart courtesy of Brad Robertson. As you can tell by the volume spikes, "da boyz" stuck it to the Managed Money traders real good once again during the COMEX trading session. Midnight Wednesday is the vertical gray line---and you have to add two hours for EDT---and the ' click to enlarge' feature is a must. The silver chart was similar to gold's, right up until 3:30 p.m. in the New York Access market. At that point a willing seller stepped in and ensured that silver closed on its absolute low tick of the day.