NEW YORK ( TheStreet) -- The gold price did nothing in Far East or morning trading in London on their respective Mondays, but once the London p.m. fix was in at 10 a.m. EDT, the gold price rallied smartly. But it all came to and end just minutes after London trading ended, as the usual not-for-profit sellers put in an appearance. By noon in New York the gold price was back to unchanged from Friday's close, and didn't do much after that.
Gold's low was printed at the 8 a.m. GMT London open, and the high was a very few minutes after 11 a.m. in New York. The CME recorded those two prices as $1,346.10 and $1,361.80 in the December contract.
Gold finished the Monday trading session at $1,353.20 spot, which was up a whole 30 cents from Friday's close. Volume, which had been pretty light for most of the day, jumped quite a bit as the trading day wore on in New York, so it was obvious that JPMorgan et al had to throw a fair number of contracts at the gold price to keep it from taking off. Volume, net of October and November, ended up at a pretty decent 130,000 contracts.Silver didn't do much at all. It traded mostly in a 25 cent range the entire day. The high tick [$22.715] in the December contract was printed sometime after 9:30 a.m. GMT in London yesterday morning. Silver finished the Monday trading day at $22.51 spot, down 8.5 cents from Friday. Volume, net of October and November, was pretty light at only 28,500 contracts. Platinum rallied from the open in London until just before 11 a.m. in New York, and then it chopped sideways into the close. Palladium rallied a bit in New York, but got sold off after 1 p.m. EDT. Here are the charts. The dollar index closed on Friday afternoon in New York at 79.21, and then traded sideways until noon in London. From there it rallied about 15 basis points by 9:30 a.m. EDT, before chopping sideways into the close. The index closed at 79.34; up 13 basis points from the previous Friday. Here's the chart from the 6 p.m. start of trading in New York on Sunday evening. The gold stocks spent the first 30 minutes of the Monday session in the red, before vaulting higher with the gold price at the p.m. fix. This rally ran out of gas shortly before 11:30 EDT, and at that point, some of the gains disappeared. But, despite that, the stocks somehow managed to close in the black, as the HUI finished up 1.17%. The price pattern in silver stocks was about the same, but they couldn't hold their gains. Nick Laird's Intraday Silver Sentiment Index closed down 0.67%. The CME's Daily Delivery Report for Monday showed that 19 gold and 10 silver contracts were posted for delivery within the Comex-approved depositories on Tuesday. The link to that activity is here. There were no reported changes in GLD yesterday, but a decent chunk of silver was deposited in SLV. This time it was 1,926,884 troy ounces. In less than a week there have been 4.34 million ounces of silver deposited in SLV. However, during the first three weeks of October, 8.52 million ounces were reported withdrawn. All of this will be accounted for when Joshua Gibbons updates the SLV bar list on his Web site on Thursday. Since yesterday was a Monday, the U.S. Mint had a sales report. They sold 2,000 troy ounces of gold eagles; 2,000 one-ounce 24K gold buffaloes; and 506,500 silver eagles. Over at the Comex-approved depositories on Friday, there was little activity in gold, as only 499 troy ounces were reported shipped out. The link to that tiny activity is here. Of course it was much busier in silver, as 600,207 troy ounces were received, and 721,390 troy ounces were shipped out the door. The link to that action is here. I noted that the CFTC has issued another Commitment of Traders Report, the second in as many days as they get caught up from the government shut down, this one for the week ending Tuesday, October 8. During that reporting week, gold surged by about fifty bucks, and silver rallied by about $1.50. The tech funds and small traders bought longs and sold short positions, which is what caused the rally; and JPMorgan et al as sellers of last resort did the opposite, and capped it before it could get very far. In silver, the Commercial net short position increased by a chunky 4,621 contracts, or 23.1 million ounces, and in gold the Commercial net short position blew out by 12,288 contracts, or 1.23 million ounces. It was the same old, same old trading pattern during that reporting week. Nothing has changed. Since today is Tuesday, I have a fairly decent number of stories for you, so I hope you can find the time for the ones that interest you.