NEW YORK ( TheStreet) -- It was another Far East trading session where the high-frequency traders had their way with the gold price, and tripped the CME's trading circuit breakers around 2 p.m. Hong Kong time as they ran the bid stack once again. Then there was another spike down shortly after 9 a.m. GMT in London, with the last one occurring either at, or minutes after, the Comex open. The subsequent rally lasted for the rest of the trading day, both in the Comex market and the electronic market that followed. But there were sellers of last resort at the ready to makes sure that even these tiny rallies didn't get out of hand. The low and high ticks were recorded by the CME as $1,225.70 and $1,254.00 in the December contract; of which there are only three business days left. Gold closed at $1,251.60 spot, up $7.90 from Friday's close. Gross volume was huge, but net volume was only 126,000 contracts. Silver was under price pressure right from the 6 p.m. Sunday night open in New York, with the low tick coming shortly after 3 p.m. Hong Kong time, and less than an hour before the London open. There was a bit of a price rally off its low, but the real action to the upside didn't start until about 10 minutes before the Comex open. An intermediate high came at 10 a.m. EST, the London p.m. gold fix, Then it sold off a bit until half past lunchtime in New York. The rally that followed petered out about 3 p.m. in electronic trading. However, just before 4:30 p.m. EST, silver blasted skyward, but got capped shortly before the 5:15 p.m. close of electronic trading. Silver's low and high price ticks in the December contract were $19.57 and $20.30 respectively. Silver finished the Monday session at $20.205 spot, up 37.5 cents from Friday's close. Gross volume was very heavy, but net volume was only 30,000 contracts. The low ticks for platinum and palladium came just before and just after the London open. Platinum rallied until 11 a.m. in London, and palladium until 3 p.m. in London, which was the London p.m. gold fix. Both didn't do much after that. Here are the charts. The dollar index closed late Friday afternoon in New York at 80.70, but the index was in rally mode right from the open on Sunday night, with the high tick of 81.02 coming shortly after 11 a.m. in New York on Monday. From there it chopped lower into the close, finishing the trading day at 80.84, which was up 14 basis points from Friday. The gold stocks gapped down at the open, and with the exception of the odd blip here and there, got sold off in grand fashion until their low, which came shortly before 1 p.m. EST in New York. But once the gold price began to show signs of life in the electronic market, the shares quickly followed, but couldn't close in positive territory. The HUI finished down 0.39%. The chart pattern for silver equities was somewhat similar, but the shares managed to finish just above unchanged, as Nick Laird's Intraday Silver Sentiment Index closed up 0.48%. The CME's Daily Delivery Report showed that 10 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Wednesday. Another day, and another withdrawal from GLD. This time it was 106,127 troy ounces. And as of 9:58 p.m. EST yesterday evening, there were no reported changes in SLV. But when I checked their website at 4:10 a.m. EST this morning, it showed that an authorized participant had withdrawn 963,042 troy ounces. The U.S. Mint had a small sales report yesterday. They sold 331,000 silver eagles, and that was all. There wasn't much movement in Comex gold stocks on Friday, as only 5,518 troy ounces were reported shipped in, and a measly 160 troy ounces were shipped out. The link to that activity is here. As is almost always the case, it was another big day in silver at these same depositories. 597,425 troy ounces were reported received, and 156,440 troy ounces were shipped out the door. Most of the action was at the CNT Depository. The link to that activity is here. I have a decent number of stories today, and I hope you find some that interest 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.