NEW YORK ( TheStreet) -- [ NOTE: There will be a column on Thursday, but it will be posted on Saturday's time schedule, which is later in the morning EST. And unless the world melts down on U.S. Thanksgiving, I won't have a column on Friday, but will be back in the saddle on Saturday. Ed]
As I mentioned in The Wrap yesterday, the spike in the gold price at the Monday night New York open got dealt with in the usual manner, and then traded flat until shortly before noon in London. The the selling pressure began anew, with the low tick of the day coming shortly before 12:30 p.m. in New York. After that, gold rallied a tiny bit into the 5:15 p.m. EST electronic close.
The December contract high and low reported by the CME were $1.257.80 and $1,239.20.Gold closed in New York at $1,242.00 spot, down $9.60 from Monday's close. Gross volume was a hair over 312,000 contracts, but netted out to only 46,000 contracts when all roll-overs were subtracted from that number. Silver's price chart was similar, but the price began to slide early in the afternoon in the Far East on their Tuesday. The absolute low came at, or just before 3:30 p.m. EST in electronic trading, although there was a secondary low shortly before 12:30 p.m. when gold printed its low tick of the day. According to the CME, the high and low ticks were $20.29 and $19.78 in the December contract. Silver closed yesterday at $19.815 spot, which was down 39 cents from Monday. Gross volume was huge, but net volume was only 9,900 contracts. Both gold and silver gave up all their Monday gains, plus a bit more. Both platinum and palladium came under selling pressure as well, with platinum hitting a new low price for this move down. Palladium avoided the same fate, but just barely. Both metals recovered a bit off their lows. Platinum finished down on the day, and palladium finished unchanged. Here are the charts. The dollar index finished trading on Monday at 80.84. From there it traded lower, and then higher in a pretty broad range, before finally rolling over and selling off as the New York trading session unfolded. The index closed at 80.75, down a whole 9 basis points from Monday. It was another losing day for the gold stocks, as they gapped down, and except for a spike going into the London p.m. gold fix at 10 a.m. EST, they continued to head south until gold hit its 12:30 p.m. low. From there the shares chopped sideways in a tight range into the close. The HUI finished down a chunky 2.72%. Not surprisingly, the chart for silver looked the same, as Nick Laird's Intraday Silver Sentiment Index closed down 2.63%. The CME Daily Delivery Report was pretty much as expected, with only 1 gold and 2 silver contracts posted for delivery on Friday, as Thursday is the Thanksgiving holiday in the U.S. That pretty much does it for the November delivery month. Maybe the First Day Notice figures for December will be available on the CME's website later this evening EST, but if not, then they'll certainly be posted there on Friday. The U.S. holiday complicates things, and there's no Commitment of Traders Report until Monday, either. There were no reported withdrawals from GLD yesterday; and as of 9:23 p.m. EST, there were no reported changes in SLV, either. But when I checked their website at 4:10 a.m. EST this morning, I note that an authorized participant withdrew 674,099 troy ounces. I got another report from the good folks over at Switzerland's Zürcher Kantonalbank yesterday, as they updated their website with the latest numbers from their gold and silver ETFs. This report is for the close of trading on Friday, November 22. Their gold ETF declined by 11,716 troy ounces, and their silver ETF had 74,975 troy ounces removed. The U.S Mint had a decent sales report yesterday. They sold 8,000 troy ounces of gold eagles; 4,500 one-ounce 24K gold buffaloes; and 107,000 silver eagles. There wasn't much in/out activity in gold on Monday over at the Comex-approved depositories. They reported receiving 31,847 troy ounces, and shipped out a tiny 484 troy ounces. The link to that activity is here. The in/out action in silver was a bit more impressive, but not by a lot. They reported receiving 1,000 troy ounces, and shipped 95,159 ounces of the stuff out the door. The link to that action is here. I don't have an awful lot of stories for you today, but some of the ones I do have are certainly worth your while, so I hope you have the time to read them.