NEW YORK ( TheStreet) -- After rallying a few dollar in early Far East trading on their Tuesday morning, the gold price didn't do much until about 9:20 a.m. BST in London. The two-step price rally got capped at, or just after, the noon London silver fix---and by the 8:20 a.m. Comex open in New York, almost all the gains had vanished. The gold price traded flat from there into the 5:15 p.m. EDT close of electronic trading. The low and high ticks were reported by the CME Group as $1,214.70 and $1,237.00 in the December contract. Gold finished the Tuesday session at $1,222.90 spot, up $8.10 from Monday's close, but would have obviously closed materially higher if allowed to do so. Net volume was 140,000 contracts, with a big chunk of that used by JPMorgan et al to put out the rally fire in morning trading in London. Brad Robertson sent along the 5-minute gold chart for the appropriate period---and you can see where all the volume occurred. Note the big volume spike at the noon silver fix in London at 5:00 a.m. MDT on this chart. That's the moment that last big spike in the gold price occurred. The sell-off began shortly after that. Don't forget to add two hours for EDT, as the time on this chart is MDT. The 'click to enlarge' feature really helps here. The silver price spiked as well shortly after 9 a.m. in London---and the price got hammered flat just as it caught sight of the $18 spot price---and it was obvious that there was a "Do Not Pass $17.95 Spot" line in the sand after that, when you check the Kitco chart below. The low and highs were reported as $17.61 and $17.99 in the December contract. Silver finished the Tuesday trading session at $17.78 spot, up the magnificent sum of 5 cents the ounce. Net volume was 44,500 contracts, with half of that coming before the Comex open, as da boyz were obviously at battle station in this metal as well. Platinum's rally began right at the 10 a.m. open in Zurich---and met the sellers of last resort around 9:20 a.m. London time. Like gold, platinum also had a secondary rally that got capped shortly after the noon London silver fix---and it was all down hill from there. Da boyz turned a big gain into a 3 dollar gain. Palladium followed a similar pattern, although it managed to shake off the selling in the New York session---and actually rallied a bit until shortly after 11 a.m. in New York. Then it traded ruler flat into the 5:15 p.m. close of electronic trading. Palladium closed up 12 bucks but, like all the other precious metals yesterday, would have closed at an eye-watering price if da boyz had just put their collective hands in their pockets. But, dear reader, that's precisely why they're there. The dollar index closed late on Monday afternoon in New York at 84.70---and didn't do much until shortly after 2:30 p.m. Hong Kong time. At that point it began to drift lower---and that decline really picked up steam starting at precisely 9 a.m. BST in London. The low tick of 84.37 came minutes before 8:00 a.m. EDT. From there it rallied back to 84.75 before trading more or less sideways into the close. The index finished the trading day at 84.70---unchanged on the day. There certainly was correlation between the dollar index and the precious metal price at the first part of the index move, but it was obvious that JPMorgan et al had to work hard to make the precious metal prices fit the dollar index action. And in my opinion, they were less than successful. The gold equities gapped up a bit over 2 percent at the open, sold off a bit into the 11 p.m. EDT London close---and then rallied until 3 p.m. before they got sold down a bit into the close. The HUI finished up 2.02%. The silver equities also jumped up at the open---and they followed a very similar path to the gold stocks, as Nick Laird's Intraday Silver Sentiment Index closed up 2.26%. The CME Daily Delivery Report showed that 1 lonely gold contract and 31 silver contracts were posted for delivery within the Comex-approved depositories on Thursday. There was nothing exciting to look at is as far as issuers and stoppers went, so I shan't link the webpage today. The CME Preliminary Report for the Tuesday trading session showed that there are 14 gold and 113 silver contracts still open in the September contract---minus the contracts posted in the previous paragraph. Another day---and another withdrawal from GLD. This time it was 38,465 troy ounces. And as of 9:56 p.m. yesterday evening, there were no reported changes in SLV. Another day---and another decent sales report from the U.S. Mint. They sold 2,800 troy ounces of gold eagles---500 one-ounce 24K gold buffaloes---345,000 silver eagles---and another 100 platinum eagles. Mint sales for September are substantially ahead of August sales already---and I have a story about that courtesy of Mark O'Byrne over at goldcore.com in the Critical Reads section further down. It was a pretty big day in both gold and silver over at the Comex-approved warehouses on Monday. In gold, there was only 1,125 troy ounces reported received, but a chunky 164,093 troy ounces was shipped out. Of that amount, 160,750 troy ounces came out of JPMorgan's vault. I've seen that number before, so I decided to divide it by 32.15 troy ounces---and came out with precisely 5,000 kilobars of gold. The link to that activity is here. In silver there was a very chunky 1,204,226 troy ounces reported received---all into the CNT Depository---and only 1,000 ounces were shipped out. The link to that action is here. I have a reasonable number of stories, but the most import one is the last one. So if you have limited time, just read the headlines of the other stories as you work your way down to the last offering of the day. Its title is today's column headline.
This is an abbreviated version of Gold Price Suppression Covered Fully by GATA’s Chris Powell on ‘The Larry Parks Show’, from Ed Steer's Gold & Silver Daily.Sign-up to have to the complete market review delivered to your email inbox each morning for free.