NEW YORK ( TheStreet) -- Gold added three bucks to its price during the first several hours of Far East trading on their Tuesday morning---but flat-lined at $1,300 the ounce until about 1:30 p.m. Hong Kong time. Then the gold price added another eight bucks or so in pretty short order---and added about the same amount shortly after the London open as the gold price rose into the 10:30 a.m. BST London a.m. gold "fix". Volumes were enormous, as the not-for-profit sellers were everywhere. That was its high tick of the day---and from there it chopped quietly lower into the 5:15 p.m. EDT electronic close in New York. The CME Group recorded the high and low ticks at $1,134.70 and $1,296.80 in the June contract. Gold closed the Tuesday session at $1,308.00 spot, up $11.10 on the day---but well of its high tick. Volume, net of April and May, was around 129,000 contracts---with more than a third of that coming before the London a.m. fix, as JPMorgan et al were the short sellers of last resort right from the moment that the price break-out started, throwing everything they had at it to prevent the price from closing about its 50-day moving average---which it broke through handily at the London morning gold fix. With some minor exceptions, the silver price followed a similar price as gold's, with the high tick coming at the London a.m. gold fix as well. After that it chopped lower into the close. The CME recorded the high and low as $20.175 and $19.85 in the May contract. Silver's volume on that early rally wasn't overly heavy---and there were no moving averages involved, so "da boyz" had a pretty easy time of it as far as price management was concerned. Silver closed in New York at $20.06 spot, up 19.5 cents on the day. Volume, net of roll-over, was only 14,500 contracts, which was a thousand contracts less than Monday's net volume. Silver's gross volume on that early rally wasn't overly heavy---and there were no moving averages involved, so "da boyz" had a pretty easy time of it as far as price management was concerned. After the price got capped, roll-over action really picked up. Platinum traded unsteadily higher on Tuesday, with its high coming at noon in New York. After that, the price didn't do much. Palladium also rallied, but that rally ended at 9 a.m. in London---and the price traded sideways in a very tight range for the remainder of the Tuesday session---gaining back 2 of the 3 percentage points it got docked in Monday's trading. It's high tick came at noon EDT as well. The dollar index closed late on Monday afternoon at 80.22---and then traded ruler flat until around 2:45 p.m. Hong Kong time on their Tuesday. Then the decline began---and the 79.72 bottom was painted just a few minutes after 2:30 p.m. EDT. From there the index rallied a handful of basis points into the close. The index finished the Tuesday trading session at 79.78---down 44 basis points on the day. The gold stocks gapped up a bit more than 2% at the open---and then faded a bit, hitting its low tick around 11:35 a.m. EDT. After that, the stocks rallied slowly but steadily into the close---and finished the day nearly on their high tick. The HUI finished up 2.35%. The silver equities gapped up as well, but put their low in much earlier in the day---and Nick Laird's Intraday Silver Sentiment Index closed up a very decent 2.11%. The CME's Daily Delivery Report showed that 137 gold and 2 silver contracts were posted for delivery within the Comex-approved depositories on Thursday. The only short/issuer in gold was Jefferies---and the two biggest long/stoppers were JPMorgan and Canada's Scotiabank, as they will take delivery of 105 contracts between them. The link to yesterday's Issuers and Stoppers Report is here. There was another withdrawal from GLD yesterday. This time it was 86,707 troy ounces that was withdrawn by an authorized participant. And as of 10:02 p.m. EDT yesterday evening, there were no reported changes in SLV. The U.S. Mint had a small sales report. They sold 308,500 silver eagles. There wasn't a lot of in/out activity in either gold or silver on Monday over at the Comex-approved depositories. As a matter of fact, there was no in/out activity in gold at all---and in silver, there was 39,185 troy ounces reported received---and 125,273 troy ounces shipped out. The link to that activity is here. Here's a chart that Nick Laird slid into my in-box just after midnight Denver time. It's the updated " Monthly Chinese Gold Net Imports from Hong Kong" graph and, as always, it's a sight to behold. I have the usual number of stories for you today, but I'm very light on anything regarding precious metals, as there wasn't much news of that sort on the Internet yesterday. As I've said before, it's always "feast or famine" in my Wednesday column, as most of the really big stories show up over the weekend, or on Monday. However, there are still quite a few other stories worthy of your attention.
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.