NEW YORK ( TheStreet) -- It was pretty quiet in gold everywhere on Planet Earth on Monday. The price got sold down five bucks by 10:30 a.m. Hong Kong time, but gained it all back by the Comex open---after that it chopped and flopped into the close.
The high and low ticks aren't worth looking up.
Gold finished in New York on Monday afternoon at $1,307.90 spot---down $1.20 on the day. Volume was exceedingly light---and net of August and September, it was only 70,000 contracts.As has been the case for well over a month now, silver got sold down the moment that trading began on Sunday night in New York. It bounced off $19.75 three time before rallying---and got stopped in its tracks about 20 minutes after the Comex open when it broke through the $20 spot mark. From there it traded ruler flat until just before 1 p.m. in New York. From there it rallied a bit more than a dime going into the 1:30 p.m Comex close---and then traded flat once again until shortly before 4:00 p.m. EDT in electronic trading. Then it got sold down a bit into the 5:15 p.m. close. The low and high ticks were recorded as $19.915 and $20.18 in the December contract. Silver finished the day at $20.01 spot, up 9.5 cents on the day. Net volume in silver was very light as well, only 20,500 contracts. Platinum got sold down five bucks by around 10:30 a.m. Hong Kong time as well---and then chopped sideways for the remainder of the day---and then got sold down a few more dollars going in to the close. It finished the day down 7 bucks. Palladium got sold down a couple of bucks as well in the early going in Far East trading on their Monday, before trading flat until shortly after Zurich opened---and then rallied for the remainder of the day---and as the chart shows, the price appears to have been capped at the $874 level. Palladium finished up $15 on the day. The dollar index closed late on Friday afternoon in New York at 81.40. It rallied a handful of basis points during Far East trading before chopping sideways for the remainder of the Monday trading session. It closed at 81.44. The gold stocks opened in negative territory, but didn't stay there long---and rallied into positive territory within ten minutes of the New York open. After that they crept higher for the remainder of the Monday session---and the HUI closed up 0.74%. The silver equities opened unchanged---and took off from there, with most of the gains in by 10 a.m. EDT. From there, they also crept higher, before selling off a hair into the close. Nick Laird's Intraday Silver Sentiment Index closed up a healthy 2.03%. The CME Daily Delivery Report showed that 607 gold and zero silver contracts were posted for delivery on Wednesday within the Comex-approved depositories. The only short/issuer worth noting was Jefferies with an even 600 contracts. The three largest long/stoppers were JPMorgan in its client account with 306 contracts---Canada's Scotiabank with 135---and Barclays with 94. Morgan Stanley was a distant 4th with 58 contracts. The link to yesterday's Issuers and Stoppers Report is here. CME's Preliminary Report for the Monday trading session showed that open interest in gold for August is now down to 1,882 contracts---and to get a more accurate picture of what's left in the August delivery month, you have to subtract out the 607 contracts posted for delivery tomorrow, so that leaves about 1,200 contracts and a bit left. There were no reported changes in GLD yesterday---and as of 6:36 p.m. EDT yesterday evening, there were no reported changes in SLV, either. Joshua Gibbons, the " Guru of the SLV Bar List" finally updated his website with the weekly changes in SLV as of the close of trading last Wednesday---and here is what he had to say. "Analysis of the 06 August 2014 bar list, and comparison to the previous week's list: 141,357.9 troy ounces were removed, no bars were added or had a serial number change. The bars removed were from: Henan Yuguang (all). As of the time that the bar list was produced, it was overallocated 90.8 oz.---and does not reflect a 767,710.4oz deposit on Wednesday." The good folks over at the short squeeze.com Internet site updated the short positions in both SLV and GLD up to and including July 31---and this is what they had to report. The short position in SLV declined by 15.01 percent---from 20.44 million shares/troy ounces, down to 17.37 million shares/troy ounces. The 2.8 million net ounces of silver added to SLV since the beginning of August will have to wait for the next report, which will be close to the end of month. Undoubtedly, this silver that was deposited was being used to pay down a short position. There was also a decent decline in the short position of GLD as well, as it dropped by 21.65 percent, from 1.47 million troy ounces, down to 1.15 million troy ounces. I'm happy to see these numbers---and I'm sure that Ted Butler will have something to say about them in his mid-week commentary to his paying subscribers on Wednesday afternoon. There was a tiny sales report from the U.S. Mint yesterday. They sold 1,500 troy ounces of gold eagles---and 200 one-ounce platinum eagles. There was big movement in gold over at the Comex-approved depositories on Friday, as 389,015 troy ounces were reported received---and only a tiny 195 troy ounces were shipped out the door. All the big receipts were at JPMorgan and HSBC USA. The link to that action is here---and it's worth a quick peek. The activity in silver was a bit more subdued than normal, as 182,118 troy ounces were received---and 240,639 troy ounces were shipped out. Almost all the activity was at Brink's, Inc.---and the link to that is here. I have a boat load of stories for you today---and feel free to edit ruthlessly.