NEW YORK ( TheStreet) -- It was another yawner of a trading day on Tuesday---and the gold price did virtually nothing in Far East and morning trading in London. Volume was microscopic. But the moment that New York opened, the gold price blasted off---only to get capped within 20 minutes---and after that the price didn't do much, although volume was up sharply.
The low and high tick in gold according to the CME Group was $1,250.10 and $1,263.80 in the August contract.
Gold closed in New York on Tuesday at $1,259.90 spot, up $7.90 on the day. Volume, net of June and July, was 128,000 contract---of which a bit over 18,000 contracts was in the October and December delivery months. I'm not sure whether those were new longs being placed, or one leg of a spread trade, as it's a little early for traders to be rolling out of the August delivery month.The silver price action, along with the associated volume, was even quieter in Far East trading. About an hour before the London open, the silver price headed lower, hitting its low tick at the noon London silver 'fix'. From there it rallied into the New York open---and then, like gold, blasted higher. That vertical price spike got smashed to a standstill less than five minutes after the open---and the price chopped sideways in a ten cent price range for the remainder of the New York session. The low and high tick were recorded as $18.97 and $19.245 in the July contract. Silver finished the Tuesday trading session at $19.19 spot, up 13.5 cents from Monday's close. Net volume was only 25,500 contracts, but would have been a lot lighter than that if "da boyz" hadn't thrown so much paper at the price at the New York open. The price spikes at the New York open looked as impressive as they did because of the scale of the Kitco charts. But, having said that, there should be no doubt in anyone's mind that both gold and silver would have had closing prices somewhere in the stratosphere on Tuesday, if not for JPMorgan et al. The platinum price did nothing until Zurich opened yesterday morning at 9 a.m. in Europe. Then it rallied until noon in New York before trading sideways for the remainder of the day. Platinum closed up 29 bucks. Palladium had a very similar chart pattern, except the rally topped out at 10 a.m. in New York, before trading sideways. Palladium closed up 12 dollars. It appears that traders have finally cottoned on to the fact that platinum and palladium might be in short supply pretty soon. The dollar index closed in New York late on Monday afternoon at 80.624---and then slid quietly to its 80.55 low at 7:30 a.m. BST in London. The subsequent rally ran out of gas at the 80.82 mark around 11:20 BST---and the index traded more or less sideways for the rest of the day, closing at 80.805---up 18 basis points. The gold stocks gapped up a bit at the open---and then crawled higher for the remainder of the Tuesday trading session, finishing on their absolute high tick. The HUI closed up 2.28%. The silver equities followed a somewhat more circuitous route before they, too, closed on their highs of the day. Nick Laird's Intraday Silver Sentiment Index closed up 2.71%. The CME Daily Delivery Report showed that 13 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Thursday. "All the usual suspects" were involved as issuers and stoppers, but the report itself isn't worth linking. There were no reported changes in GLD yesterday---and as of 10:02 p.m. EDT yesterday evening, there were no reported changes in SLV, either. The good folks over at the shortsqueeze.com Internet site updated the short positions in both SLV and GLD as of the end of May---and here is what they had to report. The short position in SLV increased by 9.37%, from 13.01 million shares/troy ounces to 14.23 million shares/troy ounces. The new short position works out to 442 metric tonnes of the stuff. And as a note of interest, the surprise 2.4 million ounce deposit in SLV made on June 3 is obviously not in this report---and Ted figures that the authorized participant who made this deposit waited until the weekend was over to deposit it in the June month rather than the end of May, just to avoid it showing up in this shortsqueeze.com report. The same can be said about the deposit into GLD on the same date. In GLD, the short position increased by 5.96%, from 1.19 million troy ounces to 1.26 million troy ounces---not a lot. The U.S. Mint had a decent day yesterday. They sold 2,500 troy ounces of gold eagles---2,000 one-ounce 24K gold buffaloes---and 300,000 silver eagles. It was another fairly big day over at the Comex-approved depositories on Monday. They reported receiving 74,851 troy ounces of gold, with every ounce disappearing into Scotiabank's vault. The link to that activity is here. In silver, there was 818,708 troy ounces reported received, with virtually every ounce being deposited into Brink's, Inc.---and 31,215 troy ounces were reported shipped out. The link to that action is here. I have a lot less stories than I did yesterday, so you'll have an easier time of it today.