NEW YORK ( TheStreet) -- The gold price didn't do much in most of Far East trading on their Monday. There was a bit of spike starting shortly before 2 p.m. Hong Kong time, but that was capped shortly before the London open---and it chopped lower for the remainder of the Monday session both in London and New York. For the most part, the gold price traded within a ten dollar price range, so the highs and lows aren't worth my time to look up. Gold finished the Monday session in New York at $1,225.80 spot, up $2.30 from Friday's close. Net volume was 101,000 contracts, with over a third of that coming before the London open, as it took "da boyz" a fair amount of paper to keep prices in line in Far East trading. It was more or less the same story in silver, although once it rallied, there didn't appear that any attempt was made to push prices lower in New York---and prices chopped sideways in a fairly broad range for the entire Monday session. The low and high ticks were recorded by the CME Group as $17.475 and $17.775 in the July contracts. Silver finished the day at $17.68 spot, up 18.5 cents from Friday. Net volume was higher than I would like to see at 34,500 contracts. Platinum chopped sideways until COMEX trading began---and then it tacked on 10 bucks by 11 a.m. EDT before trading sideways into the close. Platinum finished the day $1,175 spot, up 9 dollars. It was much the same for palladium, except its rally at the COMEX open didn't last long, hitting its low tick at 4 p.m. EDT in electronic trading in New York, closing at $785 spot, down 6 bucks from Friday. The dollar index closed late on Friday afternoon in New York at 93.26---and began rallying almost the moment that trading began in New York on Sunday evening. The index chopped higher, hitting its 94.27 high tick around 3 p.m. EDT. It traded flat from there into the close. The index finished the day at 94.16---up 90 basis points from Friday's close. Here's the 6-month dollar index showing yesterday's gain in relation to the big sell-off that's been underway since mid March. I would expect that a major counter-trend rally in the USD index would not help the precious metal prices, or their respective equities. Although their performance in light of that rally was fairly impressive yesterday, but I doubt it will last. The gold shares opened in positive territory, but traded with no enthusiasm. The high tick came precisely at 11 a.m. EDT---and they chopped lower until around 2:45 p.m. before trading sideways into the close. For the third day in a row the gold stocks finished down on the day, this time by 0.40 percent. Once again the silver equities turned in a better performance than their golden brethren. Their high came around 11:15 a.m. before they chopped lower until shortly after 3 p.m. EDT---and from there they rallied a hair into the close. Nick Laird's Intraday Silver Sentiment Index closed up 0.55 percent. The CME Daily Delivery Report showed that zero gold and 124 silver contracts were posted for delivery within the COMEX-approved depositories on Wednesday. The surprise short/issuer was ABN Amro with 109 contracts, with Jefferies in very distant second place with 10 contracts. Not surprisingly, JPMorgan was the biggest long/stopper with 67 contracts---33 for its client account---and 34 contracts for its own account. HSBC USA stopped 34 contracts. The link to yesterday's Issuers and Stoppers Report is here---and it's worth a quick look. The CME Preliminary Report for the Monday trading session showed that for the second day in a row there was no change in gold's open interest, which still stands at 141 contracts left in the May delivery month. Silver's May o.i. actually rose by 84 contracts---and now sits at 424 contracts, minus the 124 mentioned in the previous paragraph. There was another big withdrawal from GLD yesterday. This time an authorized participant removed 182,174 troy ounces. Since May 1, there has been 755,776 troy ounces removed from GLD. With the current gold rally about four days old, one would assume that gold should be pouring into GLD, but that's certainly not the case at the moment. Ditto for silver. And as of 6:40 p.m. EDT yesterday evening, there were no reported changes in SLV. But when I checked back just before 2 a.m. EDT this morning, I saw that---surprise, surprise---there was another chunky withdrawal from SLV as well. This time it was 1,194,813 troy ounces of the stuff. That makes 5.1 million ounces withdrawn in the last three business days---and a stunning 12.7 million ounces since April 27. By whom---and for what reason? Why on God's green earth isn't anybody except Ted Butler and myself talking about this??? Gold and silver 'analysts' of all stripes should be screaming about this from the rooftops. Please make sure you read Ted's quote in The Wrap section below that I stole from his Saturday's column. There was a sales report from the U.S. Mint yesterday. They sold 500 troy ounces of gold eagles---1,000 one-ounce 24K gold buffaloes---and 250,000 silver eagles. There wasn't a lot of gold movement at the COMEX-approved depositories on Friday. Only 4,500 troy ounces were reported received---and nothing was shipped out. It was a pretty decent day in silver, as 300,442 troy ounces were shipped in---and 600,439 troy ounces were shipped out the door. Most of the 'in' activity was at the CNT Depository---and the 'out' movement all came from Canada's Scotiabank. The link to that action is here. It was another busy day over a the gold kilobar COMEX-approved depositories in Hong Kong on their Friday---and both depositories were involved. At Brink's, Inc. there were 7,110 kilobars received---and 4,278 were shipped out. At the Malca-Amit Far East Ltd depository there were 630 kilobars received---and nothing shipped out. The link to that activity in troy ounces is here. I have the usual number of stories for you today---and I hope you'll find a few that interest you.
This is an abbreviated version of 12.7 Million Ounces of Silver Withdrawn From SLV Since April 27. By Whom—and Why?, 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.