NEW YORK ( TheStreet) -- The gold price didn't do a lot during most of the Far East trading session, but starting about thirty minutes before the London open---3:30 p.m. Hong Kong time---a rally developed in it and the other three precious metals as well. The high tick came minutes after 5:10 a.m. EST, as I was watching the chart as it happened---and as I said in The Wrap section of yesterday's column, HFT volume was immense---as JPMorgan et al threw 'whatever it took' at it to prevent the price from exploding to the upside, which is precisely what it was attempting to do, as it had all the hallmarks of a 'no ask' market. 'Da boyz' had the price more or less back in the box---and back below $1,200 spot---by the London p.m. gold fix, but the price chopped quietly higher from that point right into the close of electronic trading at 5:15 p.m. EST. The low and high ticks were reported by the CME Group as $1,182.70 and $1,204.10 in the December contract. Gold closed yesterday at $1,197.50 spot, up only $10.30 from Monday's close. Net volume was only 137,000 contract, but at least 40 percent of that occurred before the London a.m. gold fix. Here's the 10-minute tick gold chart courtesy of Brad Robertson. You can see the volume blow out when the rally started 30 minutes before London open, along with the big volume spike that occurred either at, or just before the London a.m. gold 'fix' was in when the price spike got capped. Add two hours for EST. The ' click to enlarge' feature helps here. After getting hit for about two bits in the first three hours of trading in the Far East on their Tuesday morning, the silver price rallied back to almost unchanged before it took off thirty minutes before the London open. The not-for-profit sellers had the price back to unchanged by 1 p.m. GMT---and twenty minutes later 'da boyz' in New York finished the job once COMEX trading began. After that, the silver price didn't do a lot. The low and high ticks in silver were reported as $15.97 and $16.40 in the December contract. Silver finished the Tuesday session at $16.19 spot, up only 4.5 cents from Monday. Net volume was only 30,500 contracts but, once again, 40 percent of that occurred before the London a.m. gold fix when the rally in silver met the same fate as gold's. It was more or less the same chart pattern for platinum as it was for gold, with the rally back in the box by the time the London p.m. fix rolled around. Platinum closed up 7 bucks. After not doing much for most of the Far East trading session, palladium also rallied starting thirty minutes before the London open---and despite a minor sell-off, continued to inch higher as the trading day progressed. However, there was obviously a "Do Not Pass $775 Spot" sign up, as the price was not allowed to break above that level. Palladium was only allowed to close up 4 dollars. The dollar index closed in New York late on Monday afternoon at 87.995--which turned to be its high tick for Monday, because it dropped 20 basis points in the first hour of trading in the Tuesday session. It began to head south with more authority staring about 40 minutes before London opened---and that's when the rallies began in all four precious metals. The slide ended about 10:10 a.m. GMT---and that's the moment that the precious metals topped out. After that the index attempted to rally a few times, with no success---and when all was said and done, it closed at 87.61---down about 39 basis points on the day. The gold stocks gapped up a couple of percent at the open---and then chopped steadily higher for the remainder of the day---as the HUI closed close to its high tick, up 5.33%. We'll take it. It was more or less the same story for the silver equities, as Nick Laird's Intraday Silver Sentiment Index closed up 4.81%. Here's the long-term Silver 7 index---and you can see that despite the decent gains of the last three trading sessions, we've barely crawled off the bottom. The CME Daily Delivery Report drew a blank for the second day in a row. There were only copper deliveries posted yesterday. The CME Preliminary Report for the Tuesday trading session showed that November open interest in gold dropped by one contract down to 20 contracts---and once again silver's November o.i. was unchanged at 88 contracts outstanding. There were no reported changes in GLD---but there was a big deposit made in SLV yesterday, as an authorized participant added a chunky 2,395,515 troy ounces of the stuff. That's more than one day's world silver production, so it's a good bet that it's another pile of good delivery bars with some decent Air Miles/Frequent Flyer points attached to them. There was another sales report from the U.S. Mint. They sold 500 troy ounces of gold eagles---500 one-ounce 24K gold buffaloes---and 298,500 silver eagles. There was no in/out activity in gold worth mentioning at the COMEX-approved depositories on Monday. But, as is almost always the case, the story was different in silver, as 1,018,220 troy ounces were received---and 728,24 troy ounces were shipped off to parts unknown. The link to that action is here. I have have a decent number of stories today---and I hope you find some in the list below that interest you.
This is an abbreviated version of Lawrence Williams: Gold Bounces Back Above $1,200—Will It Jump Higher?, 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.