NEW YORK ( TheStreet) -- With the markets closed in the U.S. for the Labor/Labour Day holiday on Monday, the price action in any of the four precious metals is barely worth mentioning, except for palladium, which still continues to inch higher. Gold and silver did manage to rally a bit during early morning trading in London on Monday, but both ran into selling at 10 a.m. BST---and both closed with tiny losses, sort of like what happened on Friday in New York trading. And, once again, silver got sold down at the open of New York trading on Sunday evening EDT. The volume in both metals were fumes and vapours. Here are the charts. The dollar index closed late on Friday afternoon in New York at 82.73---and made it as high as 82.80 in late morning trading in Hong Kong on their Monday morning. From there it began to slide, hitting its 82.68 low minutes after 10 a.m. BST in London yesterday---the exact high ticks for both gold and silver. A rather anemic looking rally began at that point, but it did make it back to 82.77 by the 'close.' I doubt there was much volume with this---and despite the small movements in the dollar index, it's a certainty that the top in gold and silver prices---and the bottom in the dollar index, such as it was, were directly related. With New York closed tight yesterday, there were no reports from anywhere. Here are a couple of new charts that Nick passed around yesterday evening. The first one shows the 5-year monthly transparent gold holdings for all published depositories, mutual funds, ETFs, etc beginning on Sept 1/2009. The second is the same chart, except it's the 5-year monthly chart for silver. The differences between the two charts is awesome to behold. The main reason for today's column is to deal with the stories that have piled up over the weekend---and I have quite a few. But before I get to those, I fired an e-mail off to Jim Rickards on the weekend, asking him for his take on the Henry Kissinger piece that was posted on The Wall Street Journal Internet site on Friday---and here's what he had to say about it: "Kissinger, like other advocates of a world order, understands that the changes they advocate may not happen in years, decades or even a single lifetime. They understand that they are carriers of a flame that has to be passed from generation to generation. George Soros is another example of this approach. They are both guided by Karl Popper's definition of social engineering which championed the "piecemeal engineer" who does what he can to thwart particular evils rather than trying to complete utopian solutions all at once. For the piecemeal engineer like Kissinger or Soros, the key is not to change the world quickly, but rather to move incrementally and, above all, not to move backwards. What prompted Kissinger's editorial, apart from promoting his new book, is a fear that the U.S. is actually going backwards in in its ideals and goals. The most telling sentence is, "The affirmation of America's exceptional nature must be sustained. History offers no respite to countries that set aside their sense of identity in favor of a seemingly less arduous course." This is a clear slap at Obama and a warning that America must not move backwards from its exceptionalist identity and its progressive path. Kissinger understands that the tempo of American progress may vary. What he fears is not that Obama has slowed the tempo, but that Obama is moving America in the wrong direction." - Jim
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.