NEW YORK ( TheStreet) -- The gold price began to rally quietly right from the 6 p.m. EST open in New York on Sunday evening, with the high tick---a few bucks over the $1,200 spot mark---occurring around 3:20 p.m. Hong Kong time. From that point, the gold price began to sell off equally as quietly until it began bouncing off its Friday closing price in New York starting at the open of COMEX trading in New York. That continued until 10:40 a.m. EST---and at that point the HFT boyz and their algorithms put in an appearance. The low tick came minutes before 4 p.m. EST in electronic trading---and from there it rallied seven or so dollars into the 5:15 p.m. EST close. The CME Group recorded the high and low ticks as $1,203.60 and $1,170.70 in the February contract. Gold closed in New York on Monday at $1,176.70 spot, down $17.50 from Friday's close. Volume, net of December and January, was around 138,000 contracts. Brad Robertson sent us the 5-minute gold chart. Volume up until 10:40 a.m. EST had been very quiet, but blew out as sell stops were triggered---and the rest, as they say, is history. The 'click to enlarge' feature helps here---and don't forget to add two hours for EST. The chart pattern in silver was similar, with the real hammering coming after the London close, which occurred at 11 a.m. EST. The last low tick came at 12:45 p.m. in New York---and rallied about 15 cents off its low, before chopping quietly sideways for the remainder of the day. The high and lows were reported as $16.175 and $15.53 in the March contract. Silver finished the trading day yesterday at $15.68 spot, down 38.5 cents from Friday. Net volume was about 34,000 contracts. The platinum chart was similar, with virtually all the price damage coming by 2 p.m. EST. After that it traded more or less flat into the close. Platinum closed at $1,175 spot, down $21 from Friday. Palladium, which has mostly followed a different drummer, did so again yesterday, as it chopped around the $805 price mark---and began to rally shortly before the COMEX open---and closed at $809 spot, up five bucks from Friday. The dollar index finished the Friday session at 89.60. From there it got sold off to its 89.38 low minutes before London opened. From there, it was up, up and away, with the 89.79 high tick printed at 3:30 p.m. in New York. From there it didn't do much, as the index closed on its high---up 19 basis points on the day. The gold stocks opened down a bit---and continued falling slowly but steadily for most of the day. The big engineered price decline that began at 10:40 a.m. EST had no visible impact on share prices. The low tick came about 2:45 p.m.---and they rallied a bit from there. Not that it mattered, as the HUI gold clubbed for 6.07%. The silver equities fared somewhat better, with their chart pattern being very similar to gold's. Nick Laird's Intraday Silver Sentiment Index closed down 'only' 4.60%. The CME Daily Delivery Report showed that 41 gold and zero silver contracts were posted for delivery within the COMEX-approved depositories on Wednesday. The only short/issuer was HSBC USA out of its in-house [proprietary] trading account---and the only long/stopper was JPMorgan, also out of its in-house [proprietary] trading account. The CME Preliminary Report for the Monday trading session showed that December gold open interest added two contracts---and it now stands at 586 contracts still open. Silver's December o.i. dropped by 66 contracts---and there are now only 35 contracts left. There were no reported changes in GLD yesterday---and as of 7:15 p.m. EST yesterday evening, there were no reported changes in SLV, either. There was another sales report from the U.S. Mint. They finally sold some gold, but only 500 troy ounces of gold eagles---and 1,000 one-ounce 24K gold buffaloes. But they sold another huge pile of silver eagles---370,500 of them! So far this month, the mint has sold 20,500 troy ounces of gold---and 2,328,500 silver eagles---producing a silver/gold sales ratio of 113 to 1. This is astounding---and as Ted Butler has been pointing out for years now---and I can confirm from the retail trade---it ain't John Q. Public buying these silver eagles. Over at the COMEX-approved depositories, there wasn't much activity in gold on Friday. All there was, was a transfer of 683 troy ounces from one depository to another. It was quite a bit different in silver, as 643,401 troy ounces were received---and 184,000 were shipped out---with virtually all of the activity occurring at Scotiabank. The link to the silver activity is here. I forgot to report on the withdrawals from the Shanghai Gold Exchange last Friday. Their latest report for the week ending Friday, December 12 shows that they withdrew 50.028 tonnes during that reporting week. The two charts below show the weekly and monthly withdrawals. Despite my editing attempts, I have a lot of stories for you today---and I'll happily leave the final edit up to you,
This is an abbreviated version of $300,000 in Gold Missing From Ukraine Central Bank, Swapped For Lead Bricks, 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.