NEW YORK ( TheStreet) -- The gold price was under choppy selling pressure up until ten minutes after the COMEX open in New York yesterday morning---and at that point the HFT boyz and their algorithms went to work, with most of the damage done by around 10:35 a.m. EDT. The gold price traded flat after that, but the absolute low tick was a quick down/up spike minutes before 11:30 a.m. The high and low tick were reported by the CME Group as $1,225.50 and $1,205.10 in the June contract. Gold closed in New York on Tuesday at $1,208.00 spot, down $17.80 from Monday's close. Net volume was 149,000 contracts, but I was expecting more than that. Here's the 5-minute gold tick chart courtesy of Brad Robertson. The two big volume spikes occurred when 'da boyz' spun their algorithms, or spoofed the market. The dark gray line is midnight EDT---and don't to forget to add two hours for EDT, as this charts is MST. The ' click to enlarge' feature works wonders. The silver price was already down by 30 cents when the HFT boyz spun their algorithms at 10:20 a.m. EDT---and in less than fifteen minutes had shaved another 55 cents off the price. Once the low was in, the price crept higher into the close. The high and low ticks were recorded as $17.735 and $16.87 in the July contract, an intraday move of over 4 percent. Silver closed yesterday at $17.07 spot, down 61 cents from Monday. Net volume was very decent at 55,500 contracts. Platinum also got its head handed to it starting just after 12 o'clock noon in London---and when JPMorgan et al were done with it in COMEX trading, the price was down 27 bucks to $1,148 spot. Palladium turned in a mini version of what happened in the platinum market, as it closed at $773 spot, down 12 dollars from Monday. The dollar index closed late on Monday afternoon in New York at 94.16---and began to show signs of life to the upside around 2 p.m. in Hong Kong trading. But the real rally began minutes before the London open, with most of the gains coming shortly before 9 a.m. EDT---and then did next to nothing after that. You should carefully note that the dollar index had posted virtually all of its gains before "da boyz" and their HFT buddies put in an appearance in New York. Here once again is the 6-month rally in the U.S. Dollar index chart complete with yesterday's 'action'. The gold stocks gapped down---and quietly chopped lower for the remainder of the day, as the HUI closed on its absolute low tick, down 4.08 percent---giving up almost half its 2015 gains in the process. The silver stocks fared little better---and their rally attempts after the morning silver price take-down didn't amount to much. The silver equities closed on their absolute low ticks as well. Nick Laird's Intraday Silver Sentiment Index closed down 3.91 percent. The CME Daily Delivery Report showed that 8 gold and 1 lonely silver contract were posted for delivery within the COMEX-approved depositories on Thursday. The CME Preliminary Report for the Tuesday trading session showed that gold open interest in May dropped by 2 contracts to 139 contracts remaining. Not surprisingly, silver o.i. for May took a 127 contract hit after the yesterday's delivery notices were filled today. Silver open interest is down to 297 contracts. There were no changes in GLD yesterday---and as of 9:30 p.m. EDT yesterday evening, there were no reported changes in SLV either. There was no sales report from the U.S. Mint. There wasn't much activity in gold at the COMEX-approved depositories on Monday. There was 34,370 troy ounces reported received over at HSBC USA---and nothing was shipped out. It as much busier in silver, as 963,879 troy ounces were shipped in---but only 17,298 ounces were shipped out the door. Most of the 'in' activity as at Canada's Scotiabank and Brink's Inc. The link to that action is here. Over at the gold kilobar depositories in Hong Kong on their Monday, they received 3,000 kilobars---and shipped out 3,218 kilobars. All of the activity was at Brink's, Inc.---and the link to that is here. I don't have a lot of stories today---and after the treasure trove I had in Tuesday's column, that's quite all right by me.
This is an abbreviated version of CME Group, With JPM Nod, to Launch Zinc Futures Contract on the COMEX, 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.