NEW YORK ( TheStreet) -- Gold got sold down a few dollars in Far East trading, which has been pretty much normal for the last few weeks, and then traded a bit above the $1,330 spot price until the low of the day, which came at [or shortly after] the noon London silver fix. The subsequent rally added ten or twelve bucks to the price by 2:30 p.m. EST in electronic trading---which turned out to be the high---and then it got sold down a few dollars going into the close.
The CME Group recorded the low and high ticks as $1,331.20 and $1,343.80 in the April contract.
Gold finished the Tuesday session in New York at $1,341.60 spot, up an even five bucks from Monday's close. Volume sans February and March was 132,000 contracts.As is usually the case, the sell-off in silver was far more severe---and at its London silver fix low, it was down about 1.5% from its Monday close. The high of the day came shortly before 1 p.m. in New York---and after that the price didn't do much. The low and high ticks in silver were recorded as $21.67 and $22.025 in the March contract. Silver finished the day at $21.89 spot, down 7.5 cents from Monday's close. Gross volume was around 132,000 contracts, but net volume imploded to only 16,000 contracts, which was down almost 60% from the prior day. It was more or less the same price path for platinum, except its high came around noon in New York. Palladium was under some selling pressure right up until 15 minutes before the close of electronic trading in New York on Tuesday, before bouncing back a bit into the close. You'd never guess from this price 'action' that most of South Africa's platinum and palladium production has been shut down for about five weeks. If you follow the Bank Participation Report, you'll know that '3 or less' U.S. bullion banks hold a short-side corner in both these metals as well. Here are the charts. The dollar index closed in New York at 80.22 late on Monday afternoon---and from there began to slide the moment that trading began in the Far East on their Tuesday morning. The low tick of 80.045 came just after the equity markets opened in New York---and just before the London p.m. gold fix. Then, at precisely 10 a.m. EST, a buyer of last resort showed up to rescue the index before it fell below the 80.00 mark, which it would have surely done within the hour without 'divine intervention'. The ensuing 20 basis point spike crashed and burned---and the index was back almost to its low at precisely 11 a.m. EST. From there it rallied a bit into the close, finishing the day at 80.135---down about 8 basis points from Monday. The gold shares struggled all day---and managed to make it into positive territory by around 1 p.m. EST. But once the gold price turned lower off its 2:30 p.m. high, the gold stocks got sold down in sympathy---and despite the fact that the gold price finished in positive territory once again, the HUI closed down 1.22%, it's second losing day in a row. And as bad as the gold stocks got sold down, the silver equities fared far worse---and for the second day in a row the shares got hit hard, as Nick Laird's Intraday Silver Sentiment Index closed down 2.88%. The CME's Daily Delivery Report showed that 93 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Thursday. JPMorgan was the only short/issuer of note with 92 contracts---and Barclays stood for delivery as long/stopper on 69 of them. The link to yesterday's Issuers and Stoppers Report is here. There isn't much left to delivery in the February contract in gold---and what little there is should be posted on the CME's website this evening EST. There are no silver deliveries outstanding for February. Another day---and another deposit in GLD. This time an authorized participant added 67,470 troy ounces. And as of 9:38 p.m. EST yesterday evening, there were no reported changes in SLV. The U.S. Mint had another sales report. The didn't sell any gold, but did report selling another 346,000 silver eagles. The mint has reported selling 1.17 million silver eagles so far this week----and you have to ask yourself who the buyers of this quantity of silver eagles is. The silver/gold sales ratio for the mint, which I reported on Saturday as being 70 to 1---has now blown out to 102 to 1. Ted Butler says that this is the highest silver/gold sales ratio in U.S. Mint history. There wasn't a lot of gold activity over at the Comex-approved depositories on Monday, as only 353 troy ounces were received---and 32 troy ounces were shipped out. In silver, there were 207,306 troy ounces reported received---and 106,941 troy ounces shipped out. The link to the silver activity is here. I have a far more reasonable number of stories today---and I hope you have enough time to read/watch/listen to the ones that interest you the most.