NEW YORK ( TheStreet) -- The gold price began to rise right from the open of Sunday evening trading in New York. Then shortly before 9 a.m. Hong Kong time, the price spiked up, only to run into a wall of selling which probably came from the usual bunch of not-for-profit sellers---led by JPMorgan et al. The gold price was back in the box within a couple of hours---and it proceeded to traded more or less sideways until 10 a.m. GMT in London. The sell off from there lasted until the London p.m. fix---and then proceeded to rally a few dollars until 1 p.m. EST in New York. Then the HFT boyz showed up---and by 2:35 p.m. EST, the low was in for the day. From there, the gold price rallied a few dollars into the 5:15 p.m. close of electronic trading. The CME Group recorded the high and low ticks as $1,279.80 and $1,251.90 in the February contract. Gold closed in New York on Monday at $1,256.50 spot, which was down $12.50 from Friday's close. With options/futures expiry for the February contract upon us, gross volume was very heavy. But net of everything, the volume was actually quite light at 93,000 contracts---with a decent chunk of that needed to put the gold price pike in Hong Kong in its place. With some minor differences, the silver price action was similar to gold's, so I'll dispense with the play-by-play. The high and low ticks in silver were $20.09 and $19.55 in the March contract. Silver closed yesterday at $19.685 spot, down 22.5 cents from Friday. Volume, net of January and February, was about 40,500 contracts. Both platinum and palladium traded basically flat until an hour or so after the London open---and then like gold and silver, down they went as well. Here are the charts. The dollar index closed in New York late on Friday afternoon at 80.46---and then proceeded to trade flat for the entire Monday session on Planet Earth. There was a 30 basis point down/up/down move embedded in yesterday's price 'action'---but by the end of the day, the index closed at 80.43---which was basically unchanged. Nothing to see here. The gold stocks gapped down a bit at the open---and then traded sideways until shortly after the London p.m. gold fix. Then, as the gold price began to rally to its 1 p.m. EST high, the gold stocks got sold down---and continued lower for the remainder of the day. The HUI finished virtually on its low of the tick of the day, down 3.06%. The silver shares fared even worse, as the outcome was never in doubt right from the open---and Nick Laird's Intraday Silver Sentiment Index got clocked by 4.37%. That's the second big down day in a row for silver stocks. Since the Thursday close, silver is only down 33 cents, but the shares have been hit for about 7.5% on both Friday and Monday combined. Not surprisingly, the CME's Daily Delivery Report was pretty skinny yesterday as the January delivery month draws to a close. It showed that 46 gold and 18 silver contracts were posted for delivery on Wednesday. JPMorgan provided all the gold contracts---and Canada's Scotiabank stopped all of them, along with all 18 silver contracts. The link to yesterday's Issuers and Stoppers Report is here. There were no reported changes in GLD---and as of 9:19 p.m. EST yesterday evening, there were no reported changes in SLV, either. For whatever reason, the good folks over at shortsqueeze.com haven't updated their website with the mid-month short interest for both SLV and GLD. I've been expecting it for about a week now, but so far, nothing. I got an e-mail from Switzerland's Zürcher Kantonalbank just before I hit the send button on today's column. They updated their gold and silver ETF for the week ending Friday, January 24---and this is their first update since January 3. During those three weeks, their gold ETF declined by 117,788 troy ounces---and their SLV dropped by 248,301 troy ounces. And, as an aside to the above, I note that Sprott's physical silver trust, along with their platinum and palladium trust, have quietly turned from a discount to their NAV---to a premium, over the last week or so. The U.S. Mint reported selling 512,000 silver eagles yesterday---and that was it. Over at the Comex-approved depositories on Friday, there was no gold reported received---and only 546 troy ounces reported shipped out. The link to that action, such as it was, is here. And, as is almost always the case, the activity in silver was much more dramatic---and Friday's activity was no exception to that rule, as 593, 571 troy ounces were reported received---all into the CNT Depository---and 109,108 troy ounces were shipped out. The link to that activity is here. There were a lot of stories over the weekend---and on Monday---that I thought worth posting, so what's posted below will keep you off the streets for a while.
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.