NEW YORK ( TheStreet) -- It was a very quiet trading day in gold, and not much happened until shortly after 11 a.m. in London. The smallish rally that developed at that point ended at exactly 1 p.m. GMT, which was 20 minutes before the 8:20 a.m. EST Comex open. From there, gold got sold down a bit going into the 1:30 p.m. Comex close, and then traded sideways from there.
The low and high, such as they were, were recorded by the CME as $1,310.80 and $1,322.40 in the December contract.
Gold closed the Monday session at $1,314.60 spot, down $1.20 from Friday. Net volume was fumes and vapours at only 71,000 contracts.Silver got sold down about 20 cents during Morning trading in the Far East, recovered a bit, and then got sold down to its low of the day about 15 minutes before the London open. Silver also had a bit of a rally between 11 a.m. and 1 p.m in London, making it back to just above the unchanged mark, and just under the $22 spot price mark. The silver price didn't do much until 1 p.m. EST, and at that point a thoughtful seller peeled another 20 cents off the price. After that, the price chopped sideways into the close. The CME recorded the low and high ticks at $21.58 and $21.935 in the December contract. Silver closed yesterday at $21.655 spot, which was down 21 cents from Friday. Net volume was an anemic 19,500 contracts. Platinum and palladium chopped around until just before lunch in Zurich, and then both rallied. Platinum barely closed in positive territory, and palladium had the best gains of the day. Here are the charts. The dollar index closed on Friday afternoon in New York at 80.72, and then did very little during the first few hours of trading in the Far East on their Monday morning. Then shortly before 10 a.m. Hong Kong time, the index spiked up to its high of the day which was 80.90. The spike only lasted a few minutes, and it was all down hill from that point. The index closed at 80.57, down 15 basis points from Friday's close. Here's the three-day chart. The gold stocks were up 2% during the first 30 minutes of the Monday trading session, before backing off a hair and then chopping sideways until about 2:30 p.m. EST. Then a very impressive rally developed into the close, as the HUI finished on its absolute high tick, up 2.90%. I was impressed, and was wondering if someone knows something we don't. It was almost the same story in the silver equities as well, but they didn't close up as much. Nick Laird's Intraday Silver Sentiment Index finished up 1.28%. The CME's Daily Delivery Report for gold and silver was almost a bust, as zero gold and one lonely silver contracts were posted for delivery on Wednesday. The link to that "action" is here. There were no reported changes in GLD yesterday, but there was a tiny withdrawal from SLV, as 144,158 troy ounces were shipped out. I would guess that this was a fee payment of some kind. Since yesterday was Monday, the U.S. Mint had a sales report, but it was certainly on the skinny side. They sold 5,500 troy ounces of gold eagles; 500 one-ounce 24K gold buffaloes; and zero silver eagles. That's the first Monday that I can ever remember the mint not showing a decent number of silver eagles sales. Maybe they'll make up for it as the week progresses. There wasn't much activity in gold on Friday over at the Comex-approved depositories, as only 1,607 troy ounces were reported received, and nothing shipped out. The link to that activity is here. Just about the same can be said for Comex silver stocks, as nothing was reported received, and a smallish 155,292 troy ounces were reported shipped out. The link to that action is here. I was half expecting another Commitment of Traders Report yesterday afternoon, but there wasn't one posted, so it will be out either today or Wednesday I would think. I was actually very happy that there wasn't one, as I'm sick of writing about them, as we've had four in six business day prior to yesterday. This one, when it finally does put in an appearance, will be for the reporting week ending October 29, so the data in that will be a week out of date. The CFTC will be caught up entirely with their report on Friday, which will be for positions held at the 1:30 p.m. EST close of Comex trading today. Below are two charts that Nick Laird sent me out of the blue yesterday evening. They are the intraday average prices for both gold and silver for the month just past. The data in the charts is simplicity itself. They are the 1-minute price ticks for every day averaged out over the whole month for each metal. What it shows is that prices were flat in October in both metals, and it also shows the the times of day of the major price inflection points for each metal. In gold, any rally in Far East trading came to an end at exactly 3 p.m. Hong Kong time, which was an hour before the London open. The gold price got sold down until 15 minutes before the London open, and then got hit again right at the 8 a.m. GMT London open. Then there's the low into the morning gold fix, and the subsequent rally off that low gets killed 15 minutes after the Comex open, and the New York low is in by 9 a.m. right on the button. Then there are the inflection points at the London close [11 a.m. in New York] and the 1:30 p.m. Comex close, followed by the Hong Kong low at at 8:30 a.m. local time. This was the rhythm of the gold market in October once the daily "fluff" is averaged out. Silver was the same, but different. In October, the Far East high tick came, on average, shortly before 3 p.m. in Hong Kong, then after getting sold down, rallies again into the 8 a.m. London open starting about 15 minutes before that [exactly like it did yesterday in Hong Kong trading just before the London open]. From there it get sold off into the London a.m. gold fix. The low of the day is now set at 1 p.m. GMT in London, about 20 minutes before the Comex open. The rally off that low got hit about 20 minutes after Comex trading began and, like gold the New York low was in at 9 a.m. EST. In silver, the high of the day was at the Comex close, and then it was all down hill into the Hong Kong lunch hour. Then the cycle repeats. This was the rhythm of the silver market in October. Except for the willfully blind, these are charts of the price management scheme in both metals as they were transacted in the month of October. It changes slightly from month to month, but it's always variations on a theme. I don't have that many stories for you today, and I hope you can find a few that you like.