NEW YORK ( TheStreet) -- The gold price got sold down five bucks the moment that trading began at 6 p.m. EDT in New York on Sunday evening. It chopped around that new price all through Far East and the London trading session, although London was also closed for some sort of bank holiday. Then at 8:30 a.m. EDT a rally began which got capped minutes after 9:30 a.m. EDT. The second smallish rally after that also met the same fate about 12:20 p.m.---and then it got sold down a bit into the 1:00 p.m. early close. All this trading occurred on the Globex system outside the U.S., as the U.S. [and London perhaps] were closed for Memorial Day. But there was obviously trading going on from somewhere. With the CME closed, there were no low and high ticks available. Gold closed on Monday at $1,207.00 spot, up $1.10 from Friday. Net volume was a tiny 20,800 contracts. Silver also got sold down on the Sunday evening open in New York---and it's price pattern was identical to gold's, which it almost always is. There are no low and high ticks, either, but it traded in a two bit range for the entire Monday session---such as it was. Silver finished the day at $17.105 spot, up a whole 3 cents. Net volume was a microscopic 6,000 contracts. The platinum price eked out a tiny two dollar gain and closed on Monday at $1,148 spot. Like gold and silver, palladium's price pattern had some structure to it. It began to rally at 2 p.m. in Zurich---and by the time the markets closed at 1 p.m. EDT, the metal had tacked on another 7 bucks, finishing the day at $786 spot. The folks over at ino.com stated that the dollar index closed at 96.01 on Friday afternoon in New York, but that's not what the closing numbers stated yesterday. They showed that dollar closed on Monday at 96.37---up 5 basis points from Friday's close. I don't know what to make of that, but I thought I'd point it out. Here's the 3-day chart so you can see it for yourself. With everything shut tight in New York yesterday, there's nothing from either GLD or SLV, the U.S. Mint, or the COMEX-approved depositories. There's no CME Daily Delivery Report or Preliminary Report, either. All the large traders in the COMEX futures market that aren't standing for delivery in the June gold contract have to be out of their positions by the COMEX close tomorrow---and the rest have to be out by the COMEX close on Thursday, so it's going to be a pretty wild from a volume perspective for the rest of the month. And as I stated in Saturday's column, whatever outstanding May contracts that haven't been posted for delivery yet, have to be in this evening's report from the CME---and it will be interesting to see who the hold-out short/issuers were in both silver and gold. More to the point is how many of the remaining silver contracts were picked up by JPMorgan for its own account. Here's a nifty chart that reader U.D. passed around yesterday. It's the Euro Interbank Offered Rate. It is, as reader U.D. so succinctly put it---" mass insanity". I have don't have all that many stories for you today---and I hope there are a few in here that you'll find of interest.
This is an abbreviated version of 60 Countries Invest in Chinese Fund to Facilitate Central Bank Gold Purchases, 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.