NEW YORK ( TheStreet) -- The gold price didn't do much at the open on Tuesday morning in Tokyo, but at 9 a.m. Hong Kong time, the price got taken down by around ten bucks. From there it traded almost ruler flat until about 11:30 a.m. GMT in London---and that point it got sold down a bit more to its low of the day, which came around 8:45 a.m. in New York. The subsequent rally took ten bucks off its losses for the day, but shortly before 1 p.m. EDT, the rally topped out---and from there it got sold down until 3:30 p.m. before trading flat into the 5:15 p.m. EDT close. The high and low price ticks were recorded by the CME Group at $1,367.90 and $1,351.10 in the April contract. Gold closed in New York at $1,355.50 spot, down an even 12 bucks. Net volume was around 141,000 contracts, the same as Monday's volume. It was more or less the same price pattern in silver, except the sell offs were more extreme on a percentage basis. The only real difference was that the low tick in silver came at precisely 9 a.m. EST in New York. Other than that, the chart patterns were almost identical. The high and low ticks were recorded as $21.25 and $20.625 in the May contract, another intraday move of 3%. Silver finished the Tuesday session at $20.815 spot, down 37.5 cents from Monday's close. Volume, net of March and April, was pretty heavy at 50,000 contracts. Here's the New York Spot Silver [Bid] chart on its own so you can see the precision of the low tick at 9 a.m. EDT. Timing like this doesn't happen by accident---and as you know, dear reader, we see it all too often. The platinum price pattern was similar to both gold and silver---and palladium's spike low came at 8 a.m. New York time. Both metals recovered off their respective lows, but both finished down on the day. And as I said in this space yesterday, it's hard to believe by looking at the price action, that there has been a two month strike going on in one of the largest platinum and palladium producing areas of the world. Here are the charts. The dollar index closed in New York late on Monday afternoon at 79.40. After a tiny dip down to 79.34, it rallied to its high 79.54 high of the day shortly before 11 a.m. in New York. It was all down hill from there---and the index closed at 79.38---basically unchanged. The scale of the chart makes the action appear more impressive than it actually was. The gold stocks gapped down 2% at the open---and then didn't do much until shortly after 12 o'clock noon in New York. From there they made it back to unchanged shortly before 1 p.m. EDT, which just happened to be the high price ticks for both gold and silver---and once gold got sold down after that, the stocks followed in sympathy. The HUI closed down 1.37%. I was all prepared for similar price action in the silver equities, but I was in for a shock when I went to Nick Laird's website. Yes, there was a spike down at the open, but the shares were back in the green within 20 minutes---and never looked back. The high of the day was at 1 p.m. EDT, which was silver's high tick---and from there they faded very little as the price got sold down. Then about 15 minutes before the equity market's closed, the shares had a vertical spike of 1 full percent in seconds. From there it traded sideways into the close. Nick Laird's Silver Sentiment Index closed up 2.51%. It beats me as to why silver shares did as well as they did---and that 3:45 p.m. spike got my full and undivided attention. You have to ask yourself who was buying silver stocks with both hands yesterday---especially considering how poorly the gold equities performed. What do they know that we don't? There were no reported changes in GLD---and as of 9:48 p.m. EDT, there were no reported changes in SLV, either. The CME Daily Delivery Report showed that only 6 gold and 2 silver contracts were posted for delivery within the Comex-approved depositories on Thursday. JPMorgan Chase stopped "all of the above" contracts in its in-house [proprietary] trading account. The U.S. Mint had another sales report. They sold 1,000 troy ounces of gold eagles---500 one-ounce 24K gold buffaloes---and 222,000 silver eagles. For the second day in a row there was no reported in/out movement in gold at the Comex-approved depositories. That certainly wasn't the case in silver on Monday. They reported receiving 1,009,802 troy ounces. All of it went into Brink's, Inc or CNT. I've wondered on many occasions who owns all the silver being stored at Brink's---and especially at the CNT Depository, as it's the new kid on the block. The link to that 'action' is here. Once again I have lots of stories---and I'll happily lave 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.