NEW YORK ( TheStreet) -- The gold price opened in positive territory at 6 p.m. EST in New York on Sunday night---and then, starting at 9 a.m. Hong Kong time on their Monday morning, the price jumped through the $1,330 mark only to run into a wall of selling that prevented it from rallying any further. Volume was well over 20,000 contracts by lunchtime in Hong Kong---and well over 30,000 contracts by the London open. It was obvious that JPMorgan et al were waiting for the Sunday night open of the Globex trading system just as eagerly as I was. The low after the smack-down in Hong Kong, such as it was, came shortly after trading began in London. The price developed a positive bias after that, but never broke above the $1,330 price mark again---and with New York closed for the day, Globex trading ended at 1:15 p.m. EST. The high tick at the price spike in Hong Kong trading was recorded at $1,332.40 in the April contract. Gold 'closed' yesterday at the $1,329.00 spot mark---and up $9.90 from Friday's close. Gross volume was around 57,000 contracts, with well over half of that occurred before the London open. It was almost the same story in silver during the Hong Kong trading session---and at the high tick, silver was up almost 50 cents from Friday's close, but once London opened, silver got sold back down to within a dime of Friday's close, only to gain 20 cents shortly before 1 p.m. GMT---and then as the price headed back towards the $22 spot market, it got tapped back down at precisely 11:30 a.m. EST in Globex trading. The CME Group recorded the high tick on Monday morning in Hong Kong at $21.97 in the March contract. Silver closed at $21.84 on Monday---up 33.5 cents from Friday's close. Net volume was a bit under 25,000 contracts and, like gold, half of it was used to snuff out the 9 a.m. rally in Hong Kong. Silver, like gold, would have finished materially higher if allowed to do so, which it obviously wasn't. Platinum and palladium had tiny rallies in the early going on Sunday night in New York. Both managed to finish in positive territory, but only just. It's a good bet that the volume was very light---and the market very illiquid. Here are the charts. The dollar index closed late on Friday afternoon in New York at 80.14---and began to head lower the moment that trading began in New York on Sunday evening. The low of 79.95 which, just glancing at the 3-day chart below, occurred around 9 a.m. Hong Kong time, appeared to come at the precise moment when gold and silver price took off to the upside. The subsequent rally in the dollar index had it back to unchanged by shortly after 12 o'clock noon in London---and from there it proceeded to chop sideways in a very tight range for the remainder of the Monday session. The index closed basically flat at 80.13. Here's the 3-day chart. With the equity markets in New York closed for President's Day on Monday, there were no HUI or Silver Sentiment Index charts. Canada's markets were closed for Family Day. Also there was no Daily Delivery Report from the CME Group, nothing from GLD and SLV, the U.S. Mint---or the Comex-approved depositories. The real reason for a column today is to deal with the backlog of stories accumulated over the weekend---and I do have quite a few.
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