NEW YORK ( TheStreet) -- It was a lot quieter on Tuesday as far as price action was concerned, but I'm sure you've already noted gold made a new low for this move down, and as is usually the case, it came at the London p.m. gold fix. The subsequent rally didn't get far, or wasn't allowed to get far. From there the gold price traded flat into the close. The high and low ticks recorded by the CME were $1,225.80 and $1,214.60 in the February contract. Gold closed at $1,224.30 spot, up and even $5.00 from Monday's close. Net volume, although not heavy, wasn't exactly light either at 124,000 contracts. The silver price didn't do much either, and it's a coin toss as to whether the low tick came at 11 a.m. in London, or at the London p.m. gold fix. Not that it mattered when it happened, I suppose, but it was another new low for this move down. The tiny rally off the low at the p.m. fix met the same fate at the precise same time as the gold rally did. The highs and lows, such as they were, were $19.335 and $18.975 in the March contract as posted on the CME's website. Silver finished the Tuesday trading session at $19.175 spot, down 3 cents from Monday. Considering the lack of price movement, net volume was pretty chunky at 46,000 contracts. Platinum had a tiny rally in early morning trading in the Far East that didn't last. But the next rally attempt that began at the Comex open, lasted until noon before trading sideways into the close. Palladium finished in the black as well, but platinum was the star of the day. Here are the charts. The dollar index closed on Monday afternoon in New York at 80.90. It rallied to its 80.99 high shortly before 1 p.m. in Far East trading, and then began to decline steadily until it hit its low of 80.51 around 11:45 a.m. in New York. The index rallied slowly and unsteadily into the close from that low, finishing the Tuesday session at 80.61, down 29 basis points from Monday. The gold stocks attempted to rally at the start of trading in New York, but quickly fell into negative territory as gold hit its low at the London p.m. fix, which came shortly after 3 p.m. GMT, or 10 a.m. in New York. The attempted rally off that low got nowhere, and the gold stocks slid some more into the close. The HUI finished down another 1.55%. The HUI is already down 7.5% in the first two trading days of December. The chart pattern for the silver equities looked similar, but Nick Laird's Intraday Silver Sentiment Index only closed down 0.10%. The CME Daily Delivery Report showed that 328 gold and 126 silver contracts were posted for delivery within the Comex-approved depositories on Thursday. The shocking thing about the gold deliveries was not that the big short/issuer was JPMorgan out of its client account with 300 contracts, but that the big long/stopper [drum roll, please!] was JPMorgan out of it's in-house [proprietary] trading account with 336 contracts. How's that for insider trading!!! You either trick or lie to your clients into going short, and then the company itself scoops up their positions by standing for delivery against them. You couldn't make this stuff up!!! The Volcker Rule can't get enacted soon enough for either Ted Butler, or for me. In silver, the largest short/issuer was Jefferies with 103 contracts. And it should come as no surprise that JPMorgan was by far the biggest long/stopper with 98 contracts; 84 for its in-house account, and the balance for its client account. In distant second was Canada's Bank of Nova Scotia with 19 contracts stopped. The link to yesterday's Issuers and Stoppers Report is here, and it's worth a quick look for obvious reasons. It was no surprise to find that an authorized participant had made another withdrawal from GLD yesterday. This time it was 57,881 troy ounces. There was a withdrawal from SLV as well, but only 145,587 troy ounces. That's too small an amount for a 'plain vanilla' withdrawal because of price, and also too small to be a fee payment, so I'd guess that the owner of that silver needed it elsewhere. Over at Switzerland's Zürcher Kantonalbank for the week ending on November 29, they reported smallish declines in both their gold and silver ETFs. Their gold ETF dropped by 22,122 troy ounces, and their silver ETF fell by 256,081 troy ounces. The U.S. Mint had another sales report yesterday. They sold 9,000 troy ounces of gold eagles and 110,500 silver eagles. Gold movement inside the Comex-approved depositories on Monday is hardly worth writing about, as only 314 troy ounces were reported received, and nothing was shipped out. Here's the link to that 'activity'. In silver, nothing was reported received, but 642,141 troy ounces were reported shipped out of HSBC USA's vault on Monday. The link to that action is here. I have the usual number of stories for a mid-week column, and I hope you find something of interest in today's selection.
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.