NEW YORK ( TheStreet) -- After getting sold down five bucks or so in the first hour of trading in New York on Monday evening, the price did nothing until the early afternoon in Far East trading. The tiny rally that developed at that point didn't last long---and minutes after 9 a.m. GMT in London, the gold price was back under the $1,200 per ounce price mark. That's where it stayed for the most of the remainder of the Tuesday trading session. The high tick was the Monday close in New York---and the CME Group recorded that as $1,212.60 in the February contract. The low was reported as $1,191.40. Gold finished the day at $1,198.50 spot, down $14.30 from Monday's close---and safely back below it's 50-day moving average. Net volume was pretty heavy at 176,000 contracts. The silver price action had a lot more shape to it, but followed a very similar path to gold. From its Far East high, which came shortly after 2 p.m. Hong Kong time, the silver price bottomed out shortly before 1 p.m. in New York. From there it rallied [with some resistance] until 11 a.m. EST, which corresponded with the 4 p.m. GMT close of trading in London. After that it traded more or less sideways until the 5:15 p.m. EST close of electronic trading. The low and high ticks were reported as $16.07 and $16.535 in the March contract. Silver finished the Tuesday session in New York at $16.465 spot, up a half a cent from Monday's close. Net volume was up there at 66,000 contracts. Platinum had a very similar pattern to gold---and most of the day's losses were in by the London p.m. gold fix, which was 10 a.m. in New York. Platinum was closed down $22 on the day. The palladium chart was somewhat similar to the price action in silver, with all the major price inflection points coming at the same times. Palladium was closed at $801 spot, down 4 bucks from Monday. The dollar index closed late on Monday afternoon in New York at 87.98---and the rally that had begun at the London p.m. gold fix on that day, continued unabated until its 88.67 high tick, which came around 2:40 p.m. EST on Tuesday. From there it gave up a few basis points into the close. The index finished the trading day at 88.63---up 65 basis points. Considering the rally in the dollar index, gold and silver prices held up pretty well. Here's the 3-day dollar index chart, so you can see the 10 a.m. EST low tick at the London p.m. gold fix on Monday morning in New York---and how the rally off that low has progressed over the last couple of days. The gold stocks, which gapped down about 3 percent at the open, began to rally at the 10 a.m. EST London p.m. gold fix. But once the highs of the day were in for all four precious metals at 11 a.m. EST an hour later, the gold stocks topped out---and from there they got sold back down to their 9:55 a.m. low tick, but rallied a bit in the close from there. The HUI finished the Tuesday session down 3.21%. The silver equities started off the trading day with the same price pattern as the gold stocks. The high tick [in positive territory] also came minutes after 11 a.m. EST---and it was all down hill from there---and after 2 p.m. EST, the index traded sideways. The silver equities came close to finishing on their low ticks---and Nick Laird's Intraday Silver Sentiment Index closed down a chunky 4.51%---giving up well over half of their Monday gains, even though the metal itself closed in positive territory, if only by a hair. As I've said on many occasions, I've always felt like that there were times when the precious metals shares were being actively managed. Yesterday was one of those days. The CME Daily Delivery Report for Day 4 of the December delivery month showed that 8 gold and 110 silver contracts were posted for delivery within the COMEX-approved depositories on Thursday. In silver, the two largest short/issuers were Jefferies with 76 contracts---and JPMorgan with 31 contracts out of its client account. The only long/stopper of note was HSBC USA with 89 contracts. Jefferies was a distant second with 11 contracts. The link to yesterday's Issuers and Stoppers Report is here. The CME Preliminary Report for the Tuesday session showed that December open interest in gold fell by 1,359 contracts---and now sits at 2,250 contracts---minus the deliveries mentioned in the previous paragraph. Silver's December open interest declined by 190 contracts, leaving 736 contracts still open---minus the 110 posted for delivery tomorrow. An authorized participant added 76,869 troy ounces of gold to GLD on Tuesday---and there was a huge withdrawal from SLV, as an a.p. took out 2,730,965 troy ounces. I'm sure that Ted Butler will have something to say about the activity in SLV during the last two trading days when he posts his mid-week commentary to his paying subscribers this afternoon. The good folks over at Switzerland's Zürcher Kantonalbank updated their website with the activity in their gold and silver ETFs for the week ending on Friday, November 28---and this is what they had to report. Their gold ETF dropped 8,741 troy ounces; but their silver ETF actually took in some metal---17,324 troy ounces to be exact. Not a lot, to be sure, but better than the alternative. The U.S. Mint had a smallish sales report. They didn't sell any gold yesterday, but they did sell another 139,500 silver eagles. Retail bullion sales continue to be as slow as molasses in January, so it's a lead-pipe cinch that almost all the silver eagles sold are being purchase by 'Mr. Big'. There wasn't must in/out activity in gold over at the COMEX-approved depositories on Monday, as only 100 kilobars were reported received---and 1 lonely kilobar was shipped out. The link to that activity is here. In silver, there was 600,072 troy ounces received---and 615,470 troy ounces were shipped out. The link to that action is here. I don't have all that many stories for you today---and I hope there's the odd one that you'll find interesting.
This is an abbreviated version of Liberty Dollar Founder Avoids Imprisonment in Sentencing, 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.