NEW YORK ( TheStreet) -- As has been the case for a while now, the gold price got sold down the moment that trading began in New York on Sunday evening. The rally that began at 9 a.m. Hong Kong time got dealt with in the usual manner as it headed towards the $1,200 spot price mark with a certain amount of vengeance. After that, the price didn't do much---or wasn't allowed to do much---you choose. The high and lows ticks weren't worth looking up, but here they are anyway. The high tick was $1,193.60 and the low tick was $1,180.80 in the December contract. Gold finished the Monday session in the New York at $1,187.20 spot down $1.30 from Friday's close. Gross volume was well over 200,000 contracts once again, but it all netted out to 159,000 contracts---and about 53,000 contracts of that amount was traded before the London open, which is an immense number, so I get the impression that JPMorgan et al had to throw a fair amount of paper at that little price spike in Hong Kong. The silver price action was identical, complete with with the sell-off at the New York open, along with the 9 a.m. Hong Kong time price spike. After that, the price got sold down about 20 cents in the two hours prior to the London open. Then it traded virtually ruler flat for the remainder of the Monday session. The high and low ticks were reported by the CME Group as $16.35 and $16.05 in the December contract Silver closed yesterday at $16.145 spot, down 18 cents from Friday. Net volume was huge once again at 47,500 contracts. Silver's net volume going into the London open was very chunky as well, a bit over 10,000 contracts. Platinum---and particularly palladium---also had price spikes at 9 a.m. Hong Kong time, but both were dealt with in the usual fashion. Platinum was closed down 10 dollars---and palladium closed in the plus column to the tune of 5 dollars, but would have done infinitely better if left to its own devices. The same can be said of the other three precious metals as well. Here are the charts. The dollar index closed at 87.55 late on Friday afternoon---and began to head lower the moment that trading began in New York on Sunday evening. The low tick/'gentle hands' rescue came at 9 a.m. Hong Kong time---which was, not surprisingly, the high tick for the price spikes in the precious metals. The rally that commenced from there was all done at, or shortly after, the London p.m. gold fix---and from there the index traded flat for the remainder of the day. The index closed at 87.995---which was up 44 basis points from Friday's close. The gold stocks opened down, but began to chop higher almost immediately---and were back in positive territory to stay by 1:15 p.m. EST, as the HUI closed up a respectable 1.92%. I was happy to see this, as the HUI got crushed last Monday after its big gains on the previous Friday [Nov 7]. Let's hope that yesterday's price action is a harbinger of things to come. Almost the same can be said of the silver equities, however they didn't do quite as well, but Nick Laird's Intraday Silver Sentiment Index still managed to close up 1.08% despite the fact that the metal itself, like gold, finished in the red. The CME Daily Delivery Report showed that zero gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Wednesday. The CME Preliminary Report for the Monday session showed that, after the two surprise sessions last Thursday and Friday, gold open interest is now back down to 19 contracts still open in the November delivery month. Silver's o.i. fell one contract to 88 contracts. Not surprisingly, there was a decent amount of gold added to GLD yesterday, as an authorized participant deposited 76,882 troy ounces yesterday. And as of 5:13 p.m. EST yesterday afternoon, there were no reported changes in SLV. True to its word, the U.S. Mint had some silver eagles to sell yesterday, as they reported sales of 1,012,000 of them. How many more of the 2014 year they mint remains to be seen, but I would guess that it won't be a lot. As Ted Butler said on the phone yesterday, they could have sold many millions more of them this year if they'd had the blanks and/or the production capacity. Those that the public didn't buy would have been happily gobbled up by JPMorgan and their ilk. There wasn't much movement in gold over at the Comex-approved depositories on Friday. Only 9,645 troy ounces were reported received---and nothing was shipped out. The receipt was at Canada's Scotiabank. It was another big in/out movement day in silver, as 536,933 troy ounces were received---and 909,736 troy ounces were shipped off to parts unknown. Only JPMorgan and HSBC USA weren't involved---and the link to that action is here. Despite my best efforts, I have a boatload of stories for you today, so I'm more than happy to leave the final edit up to you.
This is an abbreviated version of Koos Jansen: Who’s Feeding China’s Gold Hunger?, 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.