NEW YORK ( TheStreet) -- As as has been the case for a while, all four precious metals got sold down in early Far East trading on their Monday morning. Gold was no exception---and it hit its low price tick shortly after 1 p.m. Hong Kong time. The subsequent rally lasted until around 11:30 in New York---and that was pretty much it for the day, as it got sold down a few dollars going into the 5:15 p.m. EST electronic close. The CME Group recorded the low and high ticks as $1,318.70 and $1,339.20 in the April contract. Gold closed the Monday session at $1,336.60 spot, up $10.50 from Friday's close. Volume, net of February and March, was pretty decent at 143,000 contracts. Silver really got hit pretty hard in early Far East trading on Monday, with the low tick coming shortly afternoon Hong Kong time. From that point, the silver price rallied back to unchanged by the London a.m. gold fix at 10:30 a.m. GMT---and then it really took off to the upside, and appeared to go 'no ask' shortly after 11 a.m. GMT. That state of affairs wasn't allowed to last long---and once that spike was beaten down, the rally assumed a more leisurely pace, with the high in New York coming at the same 11:30 a.m. EST that gold did. From that point, the silver price ran into selling pressure---and by the 5:15 p.m. electronic close, the price was safely back under the $22 spot price once again. The low and high ticks were recorded as $21.59 and $22.18 in the March contract, an intraday move of almost 3%. Silver finished the Monday trading session at $21.965 spot, which was up 11.5 cents from Friday's close. Net volume was pretty chunky at 37,500 contracts. We are in the final days of the roll-over out of the March delivery month in silver, so volumes will be quite high for the next three trading days. First Day Notice numbers will be posted on the CME's website late on Thursday evening EST---and I'll have all that for you on Friday. Platinum and palladium both got sold down in morning trading in the Far East. From those lows, they rallied right up until almost the 1:30 p.m. EST Comex close---and then both got sold down into the 5:15 p.m. close of electronic trading. Both finished up a few dollars on the day. Here are the charts. The dollar index closed at 80.27 on Friday afternoon in New York---and traded in a 15 basis point range on either side of that number for the entire Monday session. The dollar index closed 80.22---down 5 basis points on the day. The gold stocks opened in positive territory---and then chopped and flopped sideways for the rest of the day. The HUI finished up 0.35%. I was underwhelmed. I was even more underwhelmed by the performance of the silver shares. They were up about 1.5% until shortly after 1 p.m. EST---and then down they went, closing in the red---and on their absolute low of the day. Nick Laird's Silver Sentiment Index closed down 0.08%. The CME's Daily Delivery Report for Monday showed that 9 gold and 1 silver contract were posted for delivery tomorrow within the Comex-approved depositories. Checking the CME's website I note that there are still several hundred gold contracts are open in the February delivery month---and it remains to be seen how many will stand for delivery between now and Thursday. There were deposits in both GLD and SLV yesterday. In GLD an authorized participant added a decent 106,025 troy ounces---and in SLV there were 384,740 troy ounces deposited. The U.S. Mint had a sales report on Monday. They sold a chunky 825,500 silver eagles---and that was it. There was only a small movement in gold over at the Comex-approved depositories on Friday. They reported receiving 5,144 troy ounces---and that was all. All of it went into Scotia Mocatta's vault. The link to that activity is here. There was a big deposit in silver on Friday as well---and all 1,566,700 troy ounces ended up in Scotia Mocatta's vault, too. It wouldn't surprise me in the slightest if this silver wasn't being brought in to cover their short position in the Comex futures market. As I've said on many occasions, it's my opinion that outside of JPMorgan Chase and two other U.S. bullion banks, Canada's Bank of Nova Scotia is the only bank that holds a material short position in that metal. The link to that 'action' from Friday is here. It was a very eventful weekend---and I have the most stories that I can ever remember posting---and I'll happily leave the final edit up to 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.