NEW YORK ( TheStreet) -- After not doing much of anything from a price perspective in Far East and early London trading on their Tuesday, gold and silver both rallied sharply sharply starting just before 11 a.m. in London. Within minutes, gold was up 13 dollars, but that was pretty much it for the day. The price dipped a bit during COMEX trading, but then rallied until 11:45 a.m. EDT, before trading sideways for the remainder of the Tuesday session. The low and high ticks were reported by the CME Group as $1,179.70 and $1,196.30 in the June contract. Gold finished the trading session in New York yesterday at $1,193.00 spot, up $9.50 from Monday's close. Net volume was light at only 107,000 contracts. Here's the 5-minute gold tick chart---and you can see that virtually all of the big volume came at the 11 a.m. BST price spike in London, which is 4 a.m. Denver time on this chart---and by 9:45 a.m. MST, most of the price/volume action was done for the day. Midnight EDT is the vertical dark gray line. Add two hours for EDT---and use the ' click to enlarge' feature. Silver had the same price action as gold on Wednesday, almost to the tick, so nothing more has to be said, except that silver's secondary rally took silver to its high tick of the day, which was 11:45 a.m. in New York, the same as gold. The low and high ticks in the metal were reported as $16.12 and $16.595 in the July contract. Silver closed on Tuesday at $16.48 spot, up 20.5 cents on the day. Net volume was 33,500 contracts. Platinum's price action was the same as gold and silver's price action. The palladium price action was but a shadow the the platinum price activity. Platinum finished the Wednesday session at $1,131 spot, up 7 bucks on the day. Palladium closed at $783---up four dollars. The dollar index closed late on Monday afternoon in New York at 95.04---and then rallied to its 95.15 high in mid-morning trading in Hong Kong on their Tuesday. From there it began to roll over---and really began to head south with a vengeance starting at the 8:00 a.m. BST London open. The 94.25 low tick came minutes after 11 a.m. in London. From there it chopped unsteadily higher, finishing the Tuesday session at 94.56---down 48 basis points on the day. And as I said in The Wrap section of Tuesday's column---all the while the dollar index was falling, JPMorgan et al had the precious metals in a vice grip. But the moment that the dollar index turned at 11 a.m. BST, they relaxed their death grip on the precious metals---and it's my guess they all popped in price when they did for that reason. Here's the 3-day U.S. Dollar index chart showing all of Tuesday's action. Here's the 6-month USD index chart---and as you can tell, we've had a fairly serious decline in the index since mid-March. Although both crude oil and copper have been allowed to rally substantially during that period, that certainly hasn't been the case for the precious metals---and I'll have more about that in today's edition of The Wrap. The gold stocks opened in the black---and rallied to their highs of the day about the same time as the gold price peaked out just before noon EDT. After that, they didn't do a lot---and the HUI closed up 1.44 percent. The silver equities traded on the weaker side---and after a slide into negative territory shortly after the open, they rallied to their highs by around 1:15 p.m. EDT. They chopped a bit lower from there into the close, as Nick Laird's Intraday Silver Sentiment Index closed up only 0.55 percent. The CME Daily Delivery Report showed that 1 gold and 5 silver contracts were posted for delivery within the COMEX-approved depositories on Thursday. JPMorgan stopped 3 of the silver contracts. The CME Preliminary Report for the Tuesday trading session showed that gold open interest for May dropped by one contract to 148 still left. Silver's o.i. in May declined by 163 contracts, leaving 411 still open. There were no changes in GLD yesterday---and as of 9:10 p.m. EDT yesterday evening, there were no reported changes in SLV, either. There was no sales report from the U.S. Mint. There was a decent amount of gold received at the COMEX-approved depositories on Monday, as 80,802 troy ounces were taken in---and only 6 kilobars were shipped out. The big 'in' activity was at Canada's Scotiabank and HSBC USA. The link to that action is here. It was the second big 'in' day in a row for silver, as 1,489,490 troy ounces were reported received---but only 76,176 troy ounces were shipped out. The link to that activity is here---and it's worth a quick look. JPMorgan took in another 600,000 troy ounces. There was no in/out activity at all over at the gold kilobar depositories in Hong Kong on their Monday. From feast to famine. I had a lot of stories in my Tuesday column, but I'm happy to report that I have very few today. I'll leave the final edit up to you once again.
This is an abbreviated version of Gold Is a Market ‘Like All Others’? What Nonsense!, 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.