NEW YORK ( TheStreet) -- It was a very quiet day on Tuesday with not much happening during Far East and London trading session. That all changed starting at 11:40 a.m. EDT when the HFT boyz showed up with their algorithms---and it appeared that a new low for this move down was set at, or very close to, the 1:30 p.m. Comex close. From there it rallied a few bucks before rallying anew starting around 3:15 p.m. A thoughtful non-for-profit seller put a pin in that rally balloon a few minutes after 4 p.m.---and the price didn't do much after that. The high and low ticks were reported by the CME Group as $1,258.90 and $1,248.10 in the December contract. Gold finished the Tuesday trading session in New York at $1,255.80 spot, up 30 cents from Monday's close. Net volume was around 113,000 contracts. Here's the New York Spot Gold [Bid] chart on its own so you can see the finer details of the Comex and electronic markets in New York yesterday. Brad Robertson sent us the 5-minute gold tick chart---and you can see the associated volume that went with the price action. Remember to add 2 hours for EDT. After the obligatory down tick at the open on Monday night in New York, the silver price made quite a few attempts to break above its Monday closing price in New York, but didn't quite make it. Once Comex trading began however, there was some price pressure---and 'da boyz' printed a new silver low as well for this move down shortly after 12 o'clock noon in New York. After that, it traded almost the same as gold, including the nifty rally that began at 3:15 p.m. EDT---which also got cut off a the knees minutes after 4 p.m. by a willing seller. The low and high ticks were reported as $18.89 and $19.155 in the December contract. Silver finished the Monday trading session at $19.055 spot, up 3.5 cents from Monday. Net volume was 30,500 contracts. And here's the New York Spot Silver [Bid] chart. Platinum and palladium weren't spared by the HFT algorithm yesterday, either. Platinum, which is now hugely oversold, was closed down 12 bucks, but well off its low tick. Palladium really got it in the neck yesterday starting at the London p.m. gold fix---and by 12:15 p.m. EDT, most of the damage had been done---and 'da boyz' closed it down by 24 bucks. It was a dollar or so lower than that on the day as well. The dollar index closed late on Monday afternoon in New York at 80.30. From there it chopped to its 84.56 high, which occurred at precisely 9:00 a.m. BST in London on their Tuesday morning. Then it drifted unsteadily lower, closing at 84.17, which was down 13 basis points on the day---and 39 points off its high tick. The gold stocks rallied slightly into positive territory at the open---and then slowly began to sink back into the red, hitting their lows just before the 3:15 p.m. EDT rally began in both gold and silver. They popped back into positive territory in no time---and the HUI closed up 1.48%. The silver equities followed a similar path, except their time in positive territory didn't last long---and they got sold down much harder than the gold shares. They were down by almost 3 percent at their 3:15 p.m. EDT low---and the subsequent rally in Nick Laird's Intraday Silver Sentiment Index cut the loss to only 0.86%. The CME Daily Delivery Report showed that zero gold and 227 silver contracts were posted for delivery within the Comex-approved depositories on Thursday. In silver, the two largest short/issuers were ABN Amro and R.J. O'Brien with 138 and 77 contracts respectively. There were 11 different long/stoppers. The link to yesterday's Issuers and Stoppers Report is here---and it's certainly worth a quick look. The CME Preliminary Report for the Tuesday trading session shows that there are still 24 gold contracts left open in the September delivery month, which is unchanged from Monday's report. But the number of silver contracts left open in September rose by 90 yesterday, so there are now 977 contracts left to deliver in September---from which you can subtract the 227 contracts mentioned in the prior paragraph. There were no reported changes in GLD yesterday---and as of 9:40 p.m. EDT yesterday evening, there were no reported changes in SLV, either. But when I was editing today's efforts at 3:55 a.m. EDT, I was shocked to see that there was another addition to SLV. This time it was 1,438,770 troy ounces. Was this deposited to cover an existing JPMorgan short position? Since the beginning of the month, 3.12 million ounces of silver have been added to SLV---and 9.7 million troy ounces were added in August---and since August 1, silver prices have been engineered lower to the tune of almost two bucks. During the same time period, GLD has shed about 320,000 troy ounces. We should get the new short positions for both GLD and SLV this evening sometime---and that will be up until the end of August. The 3.12 million ounces added so far this month, won't show up in shortsqueeze.com's numbers until almost the end of September. There was another sales report from the U.S. Mint. The sold 1,000 troy ounces of gold eagles---500 one-ounce 24K gold buffaloes---200,000 silver eagles---and 100 platinum eagles. Once again there was big movement at the Comex-approved depositories on Monday. In gold, nothing was reported received, but 56,748 troy ounces were shipped out, with most of it coming out of Scotiabank's vault. The link to that activity is here. In silver, there was 601,494 troy ounces received---and 1,222,262 troy ounces shipped out the door. All the activity was at the CNT Depository---and Brink's, Inc. The link to that action is here. Happily, I don't have all that many stories for you today---and that suits me just fine. You as well, I would assume.
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.