NEW YORK ( TheStreet) -- It wasn't much of a day in gold yesterday. Not much happened in Far East trading, but right on cue at gold's high of the day, such as it was---and two hours before the London open---the selling pressure began. The low of the day, such as it was, came shortly before 9 a.m. EST in New York. The smallish rally that developed from there, ran out of gas just before 4 p.m. in electronic trading---and the price didn't do much after that.
The CME recorded the high and low at $1,246.80 and $1,260.70 in the April contract.
Gold closed on Tuesday in New York at $1,254.40 spot, down $2.70 from Monday's close. Net volume was pretty light at only 101,000 contracts.The silver price didn't do much either. It rallied a hair going into the London open, with the low tick coming at the London a.m. gold fix. After that it chopped higher until minutes after 3 p.m. EST in electronic trading in New York---and then traded sideways into the 5:15 p.m. close. According to the CME Group, the low and high ticks were $19.26 and $19.51 in the March contract. Gold finished the Tuesday session at $19.51 spot, up 17.5 cents from Monday. Platinum and palladium traded sideways until the Comex opened at 8:20 a.m. EST in New York yesterday---and then they got sold down pretty good by "da boyz". They recovered a bit in afternoon trading, but both finished down on the day. You'd sure never know that there were strikes going on at the platinum mines in South Africa based on this price action---and I'm sure that's deliberate. Here are the charts. The dollar index closed late on Tuesday afternoon in New York at 81.07---and then chopped very quietly higher in a fairly wide range during the Tuesday trading session. It did dip briefly below the 81.00 mark minutes after 2 p.m. Hong Kong time, but that only lasted for a few seconds, just like the dips below that mark on Monday. The index finished the Tuesday trading session at 81.15---which was up a whole 8 basis points. The gold stocks gapped down about a percent at the open---and then struggled mightily to get into positive territory. They finally succeeded about an hour before the close---and the HUI finished up 0.50%. It was more or less the same chart pattern for the silver stocks, but they had an easier time of it, as Nick Laird's Intraday Silver Sentiment Index closed up 1.08%. The CME Daily Delivery Report showed that 1,024 gold and 8 silver contracts were posted for delivery within the Comex-approved depositories on Thursday. In gold, JPMorgan Chase out of its in-house [proprietary] trading account---and Canada's Bank of Nova Scotia---were the two biggest short/issuers with 643 and 336 contracts respectively. The only two long/stoppers of note were HSBC USA with 659 contracts---and Barclays with 261 contracts. All 8 silver contracts were stopped by Canada's Scotiabank. Yesterday's Issuers and Stoppers Report is worth a look---and the link is here. There were no reported changes is GLD, but there was a smallish withdrawal/adjustment for exactly 13,000 troy ounces in SLV. I suspect the latter reason, as it's too small to be a legal withdrawal---and not big enough to be a fee payment of any kind. It's also a very round number. But regardless of the reason, it's too small to matter in the grand scheme of things. Just after 4 a.m. this morning, I got an update on the gold and silver ETFs that are managed by Switzerland's Zürcher Kantonalbank. They are updated as of the close of trading on Friday, January 31. For the reporting week, their gold ETF showed a decline of 58,653 troy ounces---and their silver ETF showed a small drop of 103,686 troy ounces. The U.S. Mint had another sales report. They sold 2,000 troy ounces of gold eagles---3,000 one-ounce 24K gold buffaloes---and another 234,500 silver eagles. Over at the Comex-approved depositories on Monday, they reported receiving 64,919 troy ounces of gold, the bulk of which disappeared into the vaults over at HSBC USA. The link to that activity is here. It was pretty quiet in silver on Monday, as these same depositories only reported receiving 18,076 troy ounces of silver---and shipped out 2,045 troy ounces. The link to that 'action' is here. It was a pretty quiet news day yesterday---and I'm more than happy to report that I have considerably fewer stories today than I did on Tuesday.