NEW YORK ( TheStreet) -- The gold price got sold off five bucks in Far East trading on their Tuesday, with the low tick of the day coming shortly after 1 p.m. Hong Kong time. The subsequent rally got capped at, or shortly after the London p.m. fix---and after that the HFT boyz spun the algorithms---and by the 1:30 p.m. Comex close had the spot price back to unchanged on the day. After that, the gold price didn't do much.
The low and high ticks were recorded by the CME Group as $1,306.80 and $1,319.30 in the December contract.
Gold finished the Tuesday trading session in New York at $1,308.50 spot, up 60 cents on the day. I thought it too cute for words that they closed gold exactly half way between its Friday and Monday closing prices. I wonder if there was a prize for that? Volume, net of August and September, was 110,000 contracts, which was not overly heavy.Silver followed a similar path to gold, but the rally that commenced at 1 p.m. Hong Kong time did not make it to the London p.m gold fix, as the powers-that-be showed up ten minutes after the Comex open, with the low of the day being printed a few minutes before the Comex close---and also back below the $20 spot price mark. After that, the silver price chopped sideways in a tight range into the 5:15 p.m. close of electronic trading. The low and high ticks were reported as $19.875 and $20.155 in the September contract. Silver closed at $19.915 spot, down 9.5 cents from Monday. Net volume was reasonably light at 28,500 contracts. Platinum and palladium also had smallish price rallies that began well before New York opened, but they met the same fate as gold and silver during the Comex trading session---and both got sold down off their highs, with platinum closing unchanged, and palladium finishing the day up two bucks. Here are the charts. The dollar index closed in New York late on Monday afternoon at 81.44. From the open it traded flat, but jumped up a bunch of basis points around 9 a.m. in Hong Kong. It traded as high as 81.65 by 10:30 a.m. BST in London, but by noon it as on its way lower, closing the New York session at 81.51, which was up 7 basis points on the day. The gold stocks opened in positive territory---and moved higher right away, completely ignoring the price capping and sell off that began at 10:15 a.m. EDT. The gold stocks hung around their highs until about 12:15 before selling off a bit into the Comex close, but they still managed to turn in a strong positive showing, especially into the close, as the HUI finished up 1.88%. The silver equities rallied along with the gold stocks, even though the silver price was long past its high at that point. However, the high tick for the silver stocks came about the same time as gold's high---and by the 1:30 p.m. Comex close, and silver's low tick of the day, the silver equities were back in negative territory. But they, like their golden brethren, manage to rally a bit---and Nick Laird's Intraday Silver Sentiment Index eked out a tiny gain of 0.16%. The CME's Daily Delivery Report showed that 15 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Thursday. Nothing to see here. The CME's Preliminary Report for Tuesday trading shows that there are still 1,284 gold contracts open in the August contract, so it appears that more deliveries will be posted before the end of the month and, as always, I'll be interested in seeing who the issuers and stoppers are. There were no reported changes in GLD--and as of 10:13 p.m. yesterday evening, there were no reported changes in SLV, either. The U.S. Mint had another tiny sales report yesterday. They sold 50,000 silver eagles---and that was it. It was another huge day in gold at the Comex-approved depositories on Monday, as 221,109 troy ounces were reported received---and nothing was shipped out. All of the activity was at HSBC USA and Brink's, Inc. The link to that activity is here. There has been a lot of big movements in gold during the last couple of weeks---and most of it has been receipts. I'm not sure what to make of it, as it has nothing to do with deliveries, because there are only 1,284 contract still open in the August. Of course more could be added between now and the end of the month, but if that turns out to be the case, nobody will be more surprised than I---and I'm hoping that Ted Butler will weigh in on this issue in his mid-week column later this afternoon. There was real decent in/out activity in silver, as 600,165 troy ounces were reported received---and 628,539 troy ounces were shipped out. The in activity was at Canada's Scotiabank---and the silver was shipped out of Brink's, Inc. The link to that action is here. Once again I have a lot of stories---and I hope you have the time to read the ones that interest you the most.