NEW YORK ( TheStreet) -- It was another very low volume day in gold on Tuesday, and except for the obvious price shenanigans that started at 1 p.m. GMT in London [8 a.m. in New York] and ended shortly after the London p.m. gold fix, I wouldn't read much into yesterday's price action. The CME reported the high and low as $1,320.60 and $1,305.20 for December. Gold closed in New York on Tuesday at $1,311.90 spot, which was down $2.70 from Monday. Net volume, although a tad higher than Monday's, was only 79,000 contracts. Here's the New York Spot Gold [Bid] chart. It shows the high tick, which came a minute or so after 8 a.m. in New York, and also the low after the London p.m. gold fix. Silver "traded" within a very tight price range everywhere on Planet Earth yesterday, but the HFT boys spiked the price to a new low tick for this move down about 30 minutes before the London open. The subsequent recovery didn't amount to much. The highs and lows aren't worth mentioning. Silver closed at $21.71 spot, up 5.5 cents from Monday. Like gold, silver volume was a bit higher on Tuesday than it was on Monday. Yesterday's net volume was 22,000 contracts, which was very light. Platinum rallied a bit in Far East trading on their Tuesday, but also ran into the HFT crowd going into the London open. Platinum rallied right at the London open and manged to close in positive territory by a few dollars. Palladium didn't do much until the 9:30 a.m. EST open of the equity markets in New York, and shortly before lunch the price spiked, but it took the "da boyz" less than an hour to get it back under control, and it closed flat. Here are the charts. The dollar index didn't do much yesterday. It opened on Tuesday morning in Tokyo at 80.57, and by the London open it was higher by a whole 10 basis points. An hour later it was down by 15 basis point to its 80.52 low of the day. It's high [80.78] came at 3 p.m. GMT, which was 10 a.m. in New York, the time of the London p.m. gold fix. After the "fix" was in, the index shed a handful of basis points and closed the trading day at 80.68, up 11 basis points from Monday's close. The gold stocks gapped down about a percent at the open, and never came close to unchanged during the entire New York trading session, but the gold equities managed to finish well of their lows. The HUI closed down 1.34%, giving back almost half of Monday's gain. Nick Laird's Intraday Silver Sentiment Index looks the same as the HUI chart, and the silver stocks closed down 0.80%. The CME's Daily Delivery Report for Tuesday was another yawner, as only one lonely gold contract was posted for delivery on Thursday. There were no reported changes in GLD yesterday, and as of 9:52 p.m. EST yesterday evening, there were no reported changes in SLV, either. The U.S. Mint had another sales report yesterday. They sold 500,000 silver eagles, and that was all. There was virtually no in/out action in gold and the Comex-approved depositories on Monday. They received nothing, and 96 ounces was shipped out of Brink's, Inc. Of course it was a lot busier in silver, as 890,762 troy ounces were shipped in, and a smallish 51,436 troy ounces were shipped out the door. The link to that activity is here. There was no Commitment of Traders Report posted on the CFTC's Web site yesterday. Maybe today. I have the usual number of stories for a mid-week column, and the final edit is up to you.
This is an abbreviated version of Ed Steer's Gold & Silver Daily Sign-up to have to the complete market review delivered to your email inbox each morning for free.