NEW YORK ( TheStreet) -- It was a very quiet trading day in gold on Tuesday, both from a price and volume perspective. Both tiny rallies prior to the New York open got put in their place before they could get far---and the price action in New York was almost ruler flat. The highs and lows aren't worth looking up.
Gold finished the day at $1,307.90 spot, down $1.80 on the day. Net volume was extremely light at only 80,000 contracts.
The silver price action was slightly more volatile---getting sold down to its low of the day around noon Hong Kong time and, like gold, the two subsequent rallies got dealt with in the same old way. New York trading was basically flat, although some thoughtful trader sold the silver price down in electronic trading just enough so that it finished down on the day as well. The CME Group recorded the low and high price ticks as $19.505 and $19.715 in the July contract. These number don't quite jibe with the KItco spot silver chart below, but they are what they are. Silver finished the Tuesday trading session in New York at $19.55 spot, down 3.5 cents from Monday's close. Volume, net of May and June, was pretty decent at 32,500 contracts, so it's obvious that JPMorgan et al had to throw some Comex paper at the price in London trading to get the price to behave. Both platinum and palladium had price roller coaster rides of sorts, but in the end, their gains were tiny, as all rally attempts were met by a seller of last resort as well. Here are the charts. The dollar index closed in New York late on Monday afternoon at 79.50---and held reasonably steady until around 2 p.m. Hong Kong time on Tuesday. From that point the index fell rapidly to its 79.07 low at 8:20 a.m. EDT before a "bargain hunters" shows up to stop its fall. After that it gained a handful of basis points into the close. The index finished the day at 79.14---which was down 36 points. It was obvious that the early rallies in both gold and silver were most likely in response to the move in the dollar index---and that the not for profit selling was designed to prevent the correlation from occurring. It that was the plan, it worked to perfection. The gold stocks opened in positive territory for a few brief moments before heading quietly lower for the remainder of the Tuesday session---and they finished almost on their lows of the day, as the HUI closed down 0.69%. It was almost the same chart pattern for the silver equities---and Nick Laird's Intraday Silver Sentiment Index closed down 0.77%. The CME's Daily Delivery Report showed that 3 gold and 60 silver contracts were posted for delivery within the Comex-approved depositories on Thursday. The only short/issuer of note in silver was Jefferies with 57 contracts---and they were stopped/received by about ten different companies. The link to yesterday's Issuers and Stoppers Report is here. There were no reported changes in GLD---and as of 9:35 p.m. EDT there were no changed in SLV, either. [But when I checked at 3:55 a.m. EDT this morning, there was a withdrawal of 1,921,700 troy ounces showing on the ishares.com Internet site---Ted Butler's " large buyer" avoiding the SEC's reporting requirements, perhaps?] In my chat with Ted yesterday, his comment on the big deposit in SLV on Monday was that it was in response to the price run-up on Friday---and that the silver deposited was probably already sitting in-house, but not under the control of SLV directly, but was being temporarily held in SLV's warehouse in the case of such an eventuality---as there was absolutely no way that 2.6 million ounces could be shipped in over the weekend from anywhere. Based on that, Ted also wondered how much more silver like that might be sitting around SLV's warehouse for just such a purpose. Ted posts his mid-week commentary to his paying subscribers later today---and if he has anything to say about this new 1.92 million ounce withdrawal, I'll borrow it for my Thursday column. The U.S. Mint had a sales report yesterday. They sold 1,500 troy ounces of gold eagles---1,000 one-ounce 24K gold buffaloes---and 532,500 silver eagles. Over at the Comex-approved depositories on Monday, they reported receiving 31,905 troy ounces of gold---and it all went into the HSBC USA warehouse---along with with 110,000 troy ounces of gold they received on Friday. The link to that activity is here. In silver, there was a big 1,019,085 troy ounce deposit into Canada's Scotiabank depository---and only 998 troy ounces were shipped out. The link to that action is here. Here are a couple of charts that Nick sent my way last night. They are the intraday price movements for both gold and silver for the month of April. Nick takes every 2-minute tick from each day---and adds it to the same 2-minute tick from each trading day of the month---and when he averages them out, the gold and silver intraday price movements show up as posted below. It shows the times of the day each day, on average, where "da boyz" show up to lean on the price in both metals. Sometimes its hard to spot the pattern on a daily basis, but when averaged out like this, it's impossible for JPMorgan et al to cover their tracks. Both charts are worth a few minutes of your time---and I thank Nick for sharing them with us. I have the usual number of stories for a mid-week column---and the final edit is all yours.