NEW YORK ( TheStreet) -- The gold price got sold down to just below the $1,300 spot price mark by shortly after 9 a.m. in Tokyo. It gained back five bucks or so by 11 a.m. in London, but lost all that by the London p.m. gold fix. After that it tried to make it back to the $1,300 spot price mark, but didn't quite do it. The low and high ticks aren't worth the effort to look up. Gold finished the Monday session in New York at $1,297.20 spot, down $7.30 from Friday's close. Volume, net of August and September, was only 79,000 contracts, so nothing of importance should be read into the price action yesterday---except to note the fact that it was closed below the $1,300 spot price mark. The price action in silver on Monday wasn't all that exciting, either---although a bit of a rally with some legs developed shortly after the noon London silver fix. That rally, such as it was, ended/got capped minutes before noon n New York. Most of these gains vanished in electronic trading, as some kind soul showed up about an hour before the close and made it so. The low and high ticks were recorded by the CME Group as $19.47 and $19.65 in the September contract. Silver finished the Monday trading session at $19.585 spot, up 3.5 cents from Friday. Net volume was very quiet at only 20,500 contracts. Platinum traded flat until the Zurich open---and at that point the price headed lower. The decline ended at 2 p.m. EDT in New York---and traded sideways from there. Platinum closed down 14 bucks. Palladium traded flat until 10 a.m. in Zurich---and then rallied up to $900 by 2 p.m. Europe time. But that was it, as selling showed up---and palladium finished unchanged on the day. The dollar index closed on Friday afternoon at 81.43---and then hit its 81.39 low about 11:30 a.m. Hong Kong time on their Monday morning. The rally that began at that point ended about 10:15 a.m. EDT---and it chopped sideways in a very tight range for the remainder of the day. The index closed at 81.57---up 14 basis points. The gold stocks gapped down about a percent at the open, hitting their low tick just minutes after 10 a.m. EDT. From there they rallied unsteadily, before firming up a bit more starting around 2 p.m. EDT---and the shares edged into the black about an hour before the close. The HUI finished up 0.17%. The silver equities opened a hair lower, but by shortly before lunch EDT, they were back in positive territory---and continued to quietly add to their gains as the trading day progressed. Nick Laird's Intraday Silver Sentiment Index finished up a very respectable 1.30%. The CME's Daily Delivery Report showed that 108 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Wednesday. It was Barclays stepping up to the plate as the largest short/issuer with 107 contracts out of its in-house [proprietary] trading account. The two largest long/stoppers were JPMorgan in its client account once again, with 61 contracts---and Canada's Scotiabank with 37 contracts. The link to yesterday's Issuers and Stoppers Report is here. The CME Preliminary Report for Monday showed that gold open interest for August is down to 616 contracts, of which you can subtract the 108 contracts posted for delivery above. So we have 500 potential contracts left to be delivered into before next Friday. There was a decent delivery into GLD yesterday, as an authorized participant added 67,432 troy ounces---and as of 7:45 p.m. EDT yesterday evening, there were no reported changes in SLV. But when I checked the i Shares.com Internet site about 3:30 a.m. EDT this morning, I was amazed to see that an authorized participant [read JPMorgan] had deposited a monstrous 3,070,420 troy ounces! Without doubt it was all deposited to cover an existing short position and, unfortunately, because it was deposited after August 15, it won't be in next week's short position report from the good folks over at shortsqueeze.com. The U.S. Mint reported selling 259,000 silver eagles---and that was all. Over at the Comex-approved depositories on Friday, they reported receiving 23,278 troy ounces of gold---almost all of it into Brink's, Inc. Nothing was shipped out. The link to that activity is here. There was more activity in silver, of course, as 581,092 troy ounces were received---and 287,477 ounces were shipped out the door. The 'in' action was at Canada's Scotia Mocatta---and the 'out' action was at Brink's, Inc. The link is here. Since this is my Tuesday column, I have a lot of stories---and the final edit is yours.
This is an abbreviated version of Ed Steer's Gold & Silver DailySign-up to have to the complete market review delivered to your email inbox each morning for free.