NEW YORK ( TheStreet) -- As I mentioned in The Wrap in yesterday's column, the gold price was under some selling pressure right from the New York open on Monday evening---and then the HFT boyz really got serious once London opened. I don't need to paint you a picture from there.
The low tick came minutes before the open of the equity markets in New York at 9:30 a.m. EST. The subsequent rally wasn't allowed to get far---and by 10:30 a.m. all the action for the day was done, as gold chopped sideways into the close from there.
The CME Group recorded the high and low ticks as $1,262.00 and $1,235.10 in the February contract.Gold closed in New York on Tuesday at $1,240.60 spot, down $14.10 from Monday's close. Net volume for both Monday and Tuesday combined was around 174,000 contracts. The silver chart was an exact duplicate of the gold chart, so I shall spare you the play-by-play. The high and low were recorded as $20.435 and $19.655 in the March contract. Silver finished the Tuesday session at $19.865 spot, down 45.5 cents from Monday's close---and safely back under the $20 spot price mark once again. Net volume over Monday and Tuesday combined was 41,500 contracts. It was more or less the same in platinum and palladium, with the only real difference being the low tick for palladium, which came at the 10 a.m. EST in New York---and also the fact that it was the only one of the four precious metals to finish in the green. Here are the charts. The dollar index began to rally in Far East trading as soon as the market opened on their Tuesday morning. The index peaked out just minutes after the London p.m. gold fix---and then sold off for the balance of the trading session, finishing Tuesday at 81.07, which turned out to be almost flat on the day. Here's the 3-day chart so you can see all the price action over the first two trading days of the week. The gold stocks gapped down a percent or so at the open on Tuesday---and then struggled back into positive territory by the London p.m. fix. The high came minutes before noon in New York---and despite the fact that the gold price never got within a country mile of positive territory yesterday, the HUI closed up 1.30%. The action in the silver equities was very similar---and Nick Laird's Intraday Silver Sentiment Index close up 1.05%. It was a very quiet day over at the Comex-approved depositories yesterday, as zero gold and 3 silver contracts were posted for delivery within the Comex-approved depositories on Thursday. The link to yesterday's Issuers and Stoppers Report isn't worth posting. There were no reported changes in GLD---and as of 10:10 p.m. yesterday evening, there were no reported changes in SLV, either. The U.S. Mint had a sales report yesterday, as they sold 1,000 troy ounces of gold eagles---and 480,000 silver eagles. There wasn't must movement in the gold inventories over at the Comex-approved depositories last Friday, as only 6,204 troy ounces were reported shipped in---and 3,150 troy ounces shipped out. The link to that activity is here. There wasn't much activity in silver, either---as only 7,390 ounces were reported received and 3,081 ounces were shipped out. Here's the link to the silver 'action'. And for the second day in a row The Central Bank of the Russian Federation didn't update their website with their December numbers. I've been following them for years---and this is the first month that the site has not been updated right when they normally do. And, no, I'm not reading anything nefarious into it! I have a decent number of stories for you today---and I'm sure you'll find some that interest you.