NEW YORK ( TheStreet) -- The gold price did very little until just before 2 p.m. Hong Kong time---and that's when the HFT boyz showed up and shaved a bit more than ten bucks off the price in just a few minutes. Volume was a hefty 32,000 contracts by the 8 a.m. GMT London open. From there gold got sold off a bit to its low of the day, which came at the noon GMT silver fix. The subsequent rally ran out of gas/got capped at 2 p.m. EST in electronic trading---and gave back almost all its New York gains by the 5:15 p.m. electronic close.
The high and low ticks were recorded by the CME Group as $1,352.90 and $1,331.20 in the April contract.
Gold finished the Tuesday session in New York at $1,334.40 spot, down $15.90 on the day. Net volume was around 123,000 contracts, with a quarter of that coming before the London open.The price scenario for silver on Tuesday was virtually identical, so I'll spare you the details. The high and low in silver were recorded at $21.54 and $21.04 in the May contract, an intraday move of more than 2%. Silver closed on Tuesday afternoon at $21.14 spot, which was down 26.5 cents from Monday's close. Volume, net of March and April, was pretty chunky at 45,500 contracts. Platinum got taken to the cleaners a bit along with gold and silver in Far East and London trading, with the low coming around the noon silver fix in London as well. The rally from there topped out shortly before noon in New York---with the spike high coming about 1 p.m. EST---and then got sold down a bit into the close. Palladium didn't do much until very shortly after the Comex open---and then away it went to the upside as well, with the rally coming to an end minutes after the London close. After that [except for its spike high] it traded flat for the remainder of the New York session. Here are the charts. The dollar index closed in New York late on Monday afternoon at 80.06. It spiked a bit higher for a few hours before heading back below the 80.00 mark. The low of 79.94 came at 8:40 a.m. in New York, with the 80.20 high tick coming at 12 o'clock noon right on the button. After that, the index gave back a handful of basis points and traded more or less ruler flat into the close from there. The dollar index closed at 80.16 on Tuesday, up a whole 10 basis points on the day. Quite understandably, the gold stocks gapped down at the open, but rallied sharply until minutes after 10 p.m.---making it back within a point of unchanged. But that was as high as they got, as they chopped a bit lower after that. The HUI finished down only 0.81%---which I consider to be a win under the circumstances. The silver stocks also got sold down at the open, but also rallied sharply until about 10:30 a.m. EST. From there they slid lower, but caught a bid around 2 p.m. in New York---and actually rallied into positive territory during the last few hours of trading. Nick Laird's Intraday Silver Sentiment Index closed up 0.09%. The CME's Daily Delivery Report showed that 1 gold and 54 silver contracts were posted for delivery within the Comex-approved depositories on Thursday. In silver, there were a variety of short/issuers but, as always, JPMorgan in its in-house [proprietary] trading account, was the long/stopper on 49 of those contracts. The link to yesterday's Issuers and Stoppers Report is here. There were no reported changes in GLD yesterday---and as of 9:32 p.m. EST yesterday evening, there were no reported changes in SLV, either. Then when I was editing this column at 4:39 a.m. EST, I noted that there was a small withdrawal from SLV. It was only 119,805 troy ounces, which may or may not have been a fee payment of some kind. The U.S. Mint had another sales report. They sold 1,500 troy ounces of gold eagles---and another 304,500 silver eagles. There were no reported changes in gold inventories over at the Comex-approved depositories on Monday, but in silver there was 704,130 troy ounces deposited---and nothing was reported shipped out. Most of the silver ended up over at Canada's Scotia Bank. The link to that action is here. Here are a couple of charts that Nick sent our way yesterday. They show the intraday price averages [based on 2-minute tick data] for both gold and silver for the month of February---and as you can see, the prices in both metals were generally in an up-trend for the entire month. I doubt very much if the charts for March will look this good. It was another day where the news was dominated by events in and around the Ukraine and, once again, the stories I received from readers reflects that.