NEW YORK ( TheStreet) -- With the U.S. markets closed for President's Day on Monday, there wasn't much activity in the precious metal market anywhere on Planet Earth---and the only reason for my column today is the plethora of stories that I've been accumulating all weekend. The gold price rallied in fits and starts right from the open of trading at 6:00 p.m. EST on Sunday evening---and the rally ended, as it usually does, shortly before London opened on their Monday morning. From there the price chopped lower, with trading ending minutes after 5:00 p.m. GMT in London. The low and high ticks were reported as $1,227.00 and $1,236.70 in the April contract. The gold price closed at $1,230.80 spot, up $2.90 from Friday's close. Net volume was basically nonexistent at 35,000 contracts. The silver price wasn't allowed to get far---and its tiny gain vanished in London trading---and it was closed down on the day. The highs and lows aren't worth the effort to look up. Silver finished the Monday session at $17.30 spot, down 2 cents from Friday. Volume, net of roll-overs out of March, was only 7,600 contracts, the lowest net number I can recall. Platinum and palladium's tiny rallies in early Far East trading on their Monday morning also went the way of the Dodo bird once Zurich opened. Platinum was closed unchanged---and palladium was closed down a buck. Here are the charts. The dollar index closed in New York late on Friday afternoon at 94.16---and after bouncing off the 93.91 level a couple of times in the last hour or so before the London open, the index began to crawl slowly higher---and about 5:10 p.m. GMT--11:10 a.m. EST---the index really began to sail to the upside---and hit its 94.53 high tick around 1:25 p.m. EST, shortly after the precious metals were through trading for the day. From there the index gave up a bit of those gains, closing at 94.43---which was up 27 basis points from Friday's close. With the U.S. shut tight for the holiday, there were no reports from the CME Group, GLD, the U.S. Mint or the COMEX-approved depositories. And as of 8:29 p.m. EST yesterday evening, there were no reported changes in SLV. I have a very decent number of stories---and some of the ones I do have certainly fall into the absolute must read category. I know that if I don't post them today, I'll be buried in stories in tomorrow's column.
This is an abbreviated version of Russian Oil Executive Sneaks Gold Market Rigging Into the Financial Times, 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.