NEW YORK ( TheStreet) -- The price spike at the open in New York on Sunday evening got dealt with in the usual manner---and by 10 a.m. in Hong Kong on their Monday morning, the price was back to unchanged. From there it chopped more or less sideways until London closed for the day, which was noon in New York. And that, as they say, was that.
The low tick came at 2:30 p.m. EDT in electronic trading. The gold price gained a few dollars after that, before trading sideways in the 5:15 p.m. close.
The CME Group recorded the high and low ticks as $1,392.60 and $1,361.90 in the April contract.Gold closed in New York yesterday at $1,367.50 spot, down $14.50 from Friday's close. Volume, net of roll-overs, was around 140,000 contracts. About 15% of that volume was used to snuff out the rally in early Far East trading. The price action in silver was similar, although the selling pressure in Far East and morning trading in London, was a bit more intense at times. Silver's final sell-off also began at the close of London trading [noon in New York]---and from there it followed an almost identical price path to gold. The high and low ticks were recorded as $21.65 and $21.125 in the May contract. Volume, net of March and April, was around 35,000 contracts. Platinum moved higher at the open on Sunday night as well---and managed to stay in positive territory for quite a while. It's high tick came shortly before 9 a.m. GMT in London---and then it was a long, slow slide into the close, with the low tick in platinum coming the same time as it did for gold and silver---2:30 p.m. EDT. Platinum closed down a couple of bucks on the day. The palladium price chart sort of looked like the platinum chart, except its low of the day came shortly before 9 a.m. in New York. After that it struggled back to unchanged, and managed to finish up a whole dollar on the day. Based on the price action of platinum and palladium, you would never guess that there's a looming supply problem in both these metals, as JPMorgan Chase has a death grip on their prices as well. The dollar index closed late on Friday afternoon in New York at 79.43---and its high tick of 79.55 on Monday came at 3:30 p.m. Hong Kong time. It chopped around that high until 8 a.m. in New York---and then headed south---hitting its 79.305 low about 10:45 a.m. EDT. The subsequent rally didn't get far---and the index finished the Monday session at 79.40---down 3 basis points from Friday. The gold stocks gapped down, then rallied to their high of the day around 10:20 a.m. EDT---and it was all down hill from there, as the HUI closed on its absolute low tick, down 3.70%. The silver equities fared slightly better, but that was small consolation. Nick Laird's Intraday Day Silver Sentiment Index closed down 'only' 2.60%. The CME's Daily Delivery Report showed that zero gold and 124 silver contracts were posted for delivery within the Comex-approved depositories tomorrow. Jefferies was by far the biggest short/issuer with 120 contracts. JPMorgan Chase gobbled up 82 of those contracts in its in-house [proprietary] trading account. The second-largest short in the Comex silver market, Canada's Bank of Nova Scotia, stopped 26 of these contracts. The link to yesterday's Issuers and Stoppers Report is here. There was a withdrawal from GLD yesterday, as an authorized participant took out 122,730 troy ounces. And as of 9:25 p.m. EDT yesterday evening, there were no reported changes in SLV. The last deposit in SLV was on February 26---and there were two withdrawals in early March. Ted Butler is reasonably sure that this is the main reason that the silver price has been kept under wraps this year---because JPM doesn't want the silver ETFs adding very much metal because of increased demand by way of higher prices. And just as a matter of interest, of the 1,851 silver contracts issued this month, JPMorgan has stopped 1,275 of them---a hair more than two thirds. That's more than 6 million ounces they've taken delivery of so far in March---and if they're buying it and taking delivery hand over fist, so should you. There was a decent sales report from the U.S. Mint yesterday. They reported selling 2,500 troy ounces of gold eagles---3,000 one-ounce 24K gold buffaloes---and another 621,000 silver eagles. There was no reported in/out movement in gold over at the Comex-approved depositories on Friday. As is almost always the case, the same can't be said for silver, as 19,722 troy ounces were reported received---and 594,838 troy ounces were shipped out for parts unknown. The link to that activity is here. Since this is my Tuesday column, I always have more stories than normal---and this column is no exception. And with the exception of the gold and silver related stories, most of them are Ukraine/Crimea/Russia oriented. The final edit is yours.