NEW YORK ( TheStreet) -- The gold price didn't do much in the early going in the Far East on their Monday, with the the high of the day, such as it was, coming around 1:30 p.m. Hong Kong time. At that point the HFT boyz showed up with their algorithms---and by 9:25 a.m. EDT, the gold price was down three or four bucks from its Friday close. Then 'da boyz' really got serious, with the low tick of the day coming shortly after 1 p.m. in New York. By 2 p.m. the gold price had recovered a few bucks, but then traded sideways on almost no volume into the 5:15 p.m. close of electronic trading. The high and low ticks were reported by the CME Group as $1,272.60 and $1,252.10 in the December contract---an intraday move of twenty bucks. Gold closed in New York yesterday at$1,255.50 spot, down $12.90 on the day. Net volume wasn't overly heavy at 96,000 contracts. Here's the New York Spot Gold [Bid] chart so you can see the Comex action in greater detail. Once again reader Brad Robertson was kind enough to send out the daily 10-minute tick chart for gold. Of course all the big volume was around the engineered price decline that began about 9:15 a.m. EDT---and don't forget, this chart shows Mountain Daylight Time, so you have to add 2 hours to get the time in New York. It was virtually the same price pattern in silver, so I shall spare you the details, as the Kitco chart below tells all. The high and low tick in silver in the December contract were recorded as $19.345 and $18.93---which was an intraday move of a bit more than 2 percent. Silver finished the Monday session in New York at $19.02 spot, down 17 cents from it's Friday close. Net volume was 28,000 contracts, which was pretty light. The New York Spot [Bid] chart looks the same as the above Spot [Bid] chart for gold, so I shan't bother posting it. Both platinum and palladium rallied in the early going in Far East trading as well, but were both closed down on the day---platinum by 7 bucks and palladium by 4 dollars. Here are the charts. The dollar index closed in New York late on Friday afternoon at 83.76---and by 11 a.m. EDT on Monday morning, it was up another 17 basis points. From there it ran away to its 84.31 high of the day, which came right at the 1:30 p.m. close of Comex trading---and from that point, it basically traded sideways into the close, finishing the day at 80.30, which was up another 54 basis points. Most of the loses in the precious metals were in long before the big run-up in the dollar index---and you can check that out on the Kitco precious metal charts posted above. I would guess that the biggest portion of the dollar rally involved more short covering. Here's the 6-month U.S. dollar index chart---and as you can see, it's at nosebleed levels. Needless to say, the gold shares got clubbed again---and the HUI finished down another 2.91%---just off its low tick of the day. The silver equities got hit by about the same amount, as Nick Laird's Intraday Silver Sentiment Index closed down 3.02%. The CME Daily Delivery Report showed that no gold or silver contracts were posted for delivery within the Comex-approved depositories on Wednesday. That was a surprise. The CME Preliminary Report for the Monday trading session showed that 24 gold and 887 silver contracts are still open in the September delivery month. There were no reported changes in GLD yesterday---and as of 5:48 p.m. yesterday afternoon, there were no reported changes in SLV, either. The U.S. Mint had another sales report. They sold 1,500 troy ounces of gold eagles---and 240,000 silver eagles. It was another big day in gold movement over at the Comex-approved depositories on Friday, as 43,603 troy ounces were reported received---and 92,210 troy ounces were shipped out. The big receipt was at Scotiabank---and the big shipment was out of JPMorgan's vault. The link to that activity is here. Of course there was even bigger movement in silver, as 831,310 troy ounces were received---and 600,941 ounces were shipped out the door. The 'in' activity was at the CNT Depository---and the 'out' activity was at Brink's, Inc. The link to all that action is here. My Tuesday column normally comes with a lot of stories---and today's offering is no exception. I hope you have time for the ones that interest you the most.
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.