NEW YORK ( TheStreet) -- The gold price didn't do much of anything---and the smallish rally that began shortly after the London open, wasn't allowed to get far---and it didn't do much after that. The gold price traded in a nine dollar range on Tuesday---and the highs and lows aren't worth looking up. Gold finished the Tuesday trading session at $1,168.20 spot, up $2.90 on the day. Net volume was decent at around 128,000 contracts. Of course silver was under selling pressure right from the 6 p.m. open in New York on Monday evening---and was down two bits by 11 a.m. Hong Kong time. It traded flat from there until about 9:30 a.m. GMT in London, before rallying a bit, but wasn't allowed to get above its Monday closing price. From there it chopped sideways to lower for the remainder of the Tuesday session. The high and low ticks are barely worth looking up---$16.165 and $15.905 in the December contract. Silver closed yesterday at $16.03 spot, down 11.5 cents on the day. Net volume was 31,500 contracts. Platinum attempted to rally at the open on Monday evening, but ran into the HFT boyz within 30 minutes---and was down over fifteen bucks by 11 a.m. Hong Kong time. It rallied a hair after that, but ran into more selling pressure just before lunch in New York---and at one point was down $21 dollars, but was closed down 16 bucks. Palladium got sold down five bucks in early trading, but was back to unchanged by noon in Zurich. But that was it for the day, as the HFT boyz were relentless after that, snuffing out every rally attempt---and guiding the price lower. 'Da boyz' closed palladium down 19 dollars on the day. It should be obvious from the chart that $800 was the 'do not cross' line for this metal. The dollar index closed late on Monday afternoon at 87.29---and traded lower for the entire Tuesday session---and a rescue attempt was made when it fell below the 87.00 mark. The index closed at 86.995. The gold stocks opened down---before rallying a bit into the London close, which was 11 a.m. EST in New York. After that it was all down hill---and the HUI finished the Tuesday session down 3.91%, barely off its low tick. The silver stocks got crushed, as Nick Laird's Intraday Silver Sentiment Index closed down a whopping 5.53%. Although it's convenient to blame darkling forces, I would think that a large mutual fund or two had to liquidate positions for redemption reasons whether they wanted to or not, as the shares were brutalized far worse than the price action would indicate possible. We've certainly seen a lot of this in the last 30 days. But the question still remains on down days like this---who were the buyers? The CME Daily Delivery Report for Day 4 of the November delivery month showed that 3 gold and 8 silver contracts were posted for delivery within the Comex-approved depositories on Thursday. The CME Preliminary Report for the Tuesday trading session showed that gold open interest for November dropped 10 contracts to 55 contracts---and silver's November o.i. declined by 8 contracts down to 125 contracts. All of this minus the contracts in the paragraph above for delivery on Thursday. There were withdrawals from both GLD and SLV yesterday. Authorized participants withdrew 76,592 troy ounces of gold---and a chunky 2,073,283 troy ounces of silver. The good folks over at Switzerland's Zürcher Kantonalbank updated their website with their gold and silver ETF data as of the close of trading on Friday, October 31. Their gold ETF declined by another 22,500 troy ounces---and their silver ETF shed another 44,260 troy ounces. There was no sales report from the U.S. Mint yesterday. It was a big in/out day for both gold and silver at the Comex-approved depositories on Monday. In gold, 23,469 troy ounces were reported received---and a whopping 345,120 troy ounces were shipped out. The link to that activity is here---and it's worth a quick peek. In silver, there was 600,508 troy ounces received---and 910,229 troy ounces shipped out the door on Monday. And, like Friday, all the activity was concentrated in the CNT Depository and Canada's Scotiabank. The link to that action is here. I don't have all that many stories today, so that makes your final edit much easier.
This is an abbreviated version of Because Nothing Says “Best Execution” Like Dumping $1.5 Billion in Gold Futures at 00:30 EST, 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.