NEW YORK ( TheStreet) -- The gold price did little of anything up until noon Hong Kong time---and after that it quietly sold off to just under the $1,300 mark. The two attempts to break back above that price got sold down almost immediately---and after the second sell-off that came just after the London close, gold traded flat for the remainder of the New York session. The high and down price ticks aren't worth the trouble of looking up. Gold closed the Monday session at $1,296.90 spot, down $5.40 from Friday's close. Volume, net of April and May, was extremely light at 88,000 contracts. Silver got sold off about 15 cents within the first 15 minutes of trading at the Sunday night open in New York. The subsequent 'rally' latest until 10 a.m. Hong Kong time---and then it got sold down [unsteadily] to it's low of the day which came at the noon silver fix in London. The subsequent rally got capped the moment that it hit the $20 spot price mark---shortly after the London close as well---and that was it for the day. The high and low tick were reported by the CME Group as $20.015 and $19.775 in the May contract. Silver finished the day at $19.865 spot, down 9 cents from Friday's close. Net volume was fumes and vapours at 15,500 contracts. Like gold and silver, platinum and palladium were under selling pressure for virtually the entire day, with most of the selling pressure really getting started around noon Hong Kong time. Then platinum got hit for $20---and palladium got smoked for over 3% starting shortly after the London close---about the same time as gold and silver got sold down. After the spikes down in their respective prices, they didn't recover much. The dollar index closed on Friday at 80.43. It traded pretty flat until around 12:30 p.m Hong Kong time---and then began to head south, hitting its 80.20 low just before 12 o'clock noon in New York. After that it traded almost ruler flat into the close, finishing the Monday session at 80.22---down 21 basis points on the day. The interesting thing to note is that virtually all of the major price declines in all four precious metals occurred between noon in Hong Kong and noon in New York yesterday. It's a pretty safe call to say that there was absolutely no correlation between the dollar index and precious metal prices yesterday. With the gold price, along with the general equity markets, both in the red yesterday, it was a bit of a surprise to see the gold stocks in the green. Of course, once the gold price got smacked back below the $1,300 spot price mark after the London close, down went the gold stocks as well. But, despite that, they continued to rally after that---and closed virtually unchanged---down 0.07%. The silver shares followed a similar price/chart pattern, but Nick Laird's Intraday Silver Sentiment Index closed down a somewhat more substantial 1.18%. The CME's Daily Delivery Report showed that 8 gold and 3 silver contracts were posted for delivery within the Comex-approved depositories tomorrow. The Issuers and Stoppers Report isn't worth linking. I note that there are about 1,300 gold contracts still open in the April delivery month, along with a tiny handful of silver contracts. There were no reported changes in GLD yesterday---and as of 10:36 p.m. yesterday evening, there were no reported changes in SLV, either. There was a decent sales report from the U.S. Mint yesterday. They sold 1,500 troy ounces of gold eagles---3,000 one-ounce 24K gold buffaloes---and 659,500 silver eagles. Over at the Comex-approved depositories on Friday, they reported receiving 37,779 troy ounces of gold, most of which went into the depositories over at HSBC USA. Only 291 troy ounces were reported shipped out. The link to that activity is here. In silver, there was 498,354 troy ounces reported received---and all of it disappeared into the Delaware depository. 39,020 troy ounces shipped out. The link to that action is here. I have a decent number of stories for you today---and I'll 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.