NEW YORK ( TheStreet) -- Gold was under selling pressure right from the 6 p.m. EST New York open on Sunday night. Ten bucks got sliced off the price between then and 11:30 a.m. EST on Monday morning. Then the HFT boyz took another ten spot off the price in a bit over an hour. The low came around 12:35 p.m. in New York, the dollar index high, and the subsequent rally attempt gained back about six bucks or so. The CME recorded the low tick at $1,269.20 in the December contract. The high was the Friday afternoon EST close. Gold finished the Monday trading session at $1,276.00 spot, down $14.40 on the day. Net volume was not overly heavy at a hair under 99,000 contracts. The silver price action was almost a carbon copy of what happened in gold, except the New York low came in a spike down just minutes after 3 p.m. in electronic trading. The subsequent recovery off that low wasn't allowed to amount to much. The CME high and lows ticks were recorded as $20.80 and $20.29 in the December contract. Silver closed on Monday at $20.395 spot, down 38.5 cents from Friday's close. Net volume was only 21,500 contracts, and over half of yesterday's total volume was roll-overs out of the December delivery month. In comparison, the roll-overs out of gold were only a small fraction of the total volume. And as you already know, JPMorgan et al didn't spare platinum and palladium, either. Here are the charts. You may have also noticed that both gold and silver rallied at the 8:20 a.m. EST Comex open in New York, but at 9:10 a.m., 50 minutes later, both rallies ran into the usual sellers of last resort. For the day, Kitco recorded the loses as follows: gold down 1.12%, silver down 1.85%, platinum down 1.95% and palladium down 2.19%. The dollar index opened at 80.84 on Sunday evening, and within a few hours had "rallied" to its 80.91 high of the day. After that it was a long, slow slide into the 80.58 low which came at precisely 10 a.m. in New York, which just happened to coincide with the London p.m. gold fix. The subsequent rally topped out at 80.79 around 12:40 p.m. in New York, and then chopped sideways into the close. The index closed at 80.73, which was down 11 basis points from Friday's close. The 12:40 p.m. high in the dollar coincided precisely with the low ticks in gold and silver during the Comex trading session. Not surprisingly, the gold stocks opened lower and continued to decline until their low tick, which came minutes after 3:30 p.m. A smallish rally into the close cut the HUI's loss to only 2.01%. Nick Laird's Intraday Silver Sentiment Index chart looks similar, except the silver equities closed down 2.62%. The non-eventful November delivery month continues to live up to its advance billing, as zero gold and one lonely silver contract were posted for delivery tomorrow. There was another withdrawal from GLD, as an authorized participant withdrew 38,594 troy ounces. And as of 10:04 p.m. yesterday evening, there were no reported changes in SLV. Since yesterday was Monday, there was a sales report from the U.S. Mint. They sold 6,000 ounces of gold eagles; 1,000 one-ounce 24K gold buffaloes; and 361,000 silver eagles. Over at the Comex-approved depositories on Friday, they reported receiving 32,026 troy ounces, and shipped out a smallish 1,171 troy ounces. The link to that activity is here. For a change, there was very little in/out activity in silver. Nothing was reported received, and only 10,180 troy ounces were shipped out the door. The link to that movement is here. I don't have all that many stories today, and I hope you find some in here that interest you.
This is an abbreviated version of Ed Steer's Gold & Silver DailySign-up to have to the complete market review delivered to your email inbox each morning for free.