If you use an ohm meter, the resistance to the slug from either lead appears open.
If you apply normal current, you'll see some voltage drop betwen the leads and the slug. With 3 volts going through the LED, I saw .6 volts measured from neg to slug on a white low dome.
I think that the slug may be connected to the silicon substrate at some point. I suspect that tying the LED to ground will lessen the total phton emissions due to current traveling only partway across the die.
Of course, I could be all wet.
Daniel
Daniel