Despite low volume, it was obvious that the precious metals were under selling pressure on Monday.

The gold price did next to nothing in early Far East trading on their Monday.  The high of the day was at noon in Hong Kong trading…and from there it got sold down a bit over ten bucks with the low of the day coming just minutes after 8:30 a.m. in New York.  The subsequent rally got cut short at 9:15…and that was pretty much it for the rest of the day.

The Hong Kong high was a hair over $1,390 spot…and the N.Y. low was recorded by Kitco as $1,379.80 spot.

Gold closed at $1,384.70 spot…down $6.80 from Friday's close…but with gross volume a very anemic 82,000 contracts, I wouldn't read much of anything into Monday's price action.

It was very much the same story in silver, with the low tick [$21.61 spot] coming at 8:30 a.m. EDT…ten minutes after the Comex open…and the high tick [$22.06] coming at 10:00 a.m….the London p.m. gold fix.  Once the gold fix was in, silver…like gold…sold off a bit before chopping sideways into the 5:15 p.m. New York electronic close.

Silver closed down 24 cents from Friday at $21.84 spot…and safely back under the $22 price mark that it had the audacity to close above on Friday.  Volume, net of all roll-overs out of the July delivery month, was a tiny 17,000 contracts.  Like gold, I wouldn't read a lot into the price action based on the associated volume….however, the downward price pressure in both was obvious.

Both platinum and palladium held up rather well…until Comex trading in New York began, that is.  Then down they went too…and the lows for both metals came at, or just after, the 1:30 p.m. EDT Comex close.

The dollar index closed on Friday afternoon in New York at 80.62.  From the open in Far East trading, it rallied in fits and starts before hitting it's high of the day [80.86] shortly after 2:00 p.m. in New York.  Then just minutes before the equity markets closed in New York on Monday afternoon, the dollar had declined to its low of the day…80.54…before rallying a bit into the close.  The dollar index finished the day at 80.63…basically unchanged from Friday.

The gold stocks rallied into positive territory within minutes of the New York open on Monday morning…but that didn't last.  The low tick for the stocks came at the 3:00 p.m. BST London gold fix…10:00 a.m. EDT in New York…and then chopped around either side of unchanged, before rallying a bit into the close.  The HUI finished up a smallish 0.35%.

The silver stocks did not fare as well…and Nick Laird's Intraday Silver Sentiment Index closed down 0.42%.

(Click on image to enlarge)

The CME's Daily Delivery Report is hardly worth mentioning, as only 11 gold and zero silver contracts were posted for delivery within the Comex-approved depositories on Wednesday.  The link to yesterday's Issuers and Stoppers Report is here.

There was a tiny withdrawal from GLD yesterday…11,742 troy ounces…which may have been a fee payment of some kind.  And as of 9:59 p.m. EDT Monday evening, there were no reported changes in SLV.

There was a small sales report from the U.S. Mint yesterday.  They reported selling 1,500 ounces of gold eagles…500 one-ounce 24K gold buffaloes…and 631,500 silver eagles.

Over at the Comex-approved depositories on Friday, they didn't report receiving any silver, but they did ship 538,576 troy ounces of the stuff out the door.  The link to that activity is here.

In gold, these same depositories reported receiving 12,178 troy ounces…and shipped a smallish 202 troy ounces out the door for parts unknown.  The link to that 'activity' is here.

Being a Tuesday column, I have more than the usual number of stories for you today…and I'll gladly leave the final edit up to you.

The motive for the dramatic positioning changes in gold and silver must lie with either the principal buyers or sellers. So it comes down to who you think had the means and motive – the sellers or the buyers? On the one hand, the sellers have sold long positions (probably at a loss) and have exited the gold and silver market…or now hold extreme short positions at what are the lowest gold and silver prices in years. On the other hand, the buyers, primarily the largest and most powerful financial institution in the world, have bought back short positions (at great profit) and now hold record large net long positions (in gold) and record low net short positions (in silver) at the same lowest prices in years. Not only does JPMorgan have the means and motive (and not the sellers), they are in the best position they have been in since I first identified them as the big gold and silver crook in 2008. JPMorgan has played the gold and silver market like a fiddle since that time…and it’s almost inconceivable that they were not in control of the price downswing.Silver Analyst Ted Butler…15 June 2013

Despite low volume, it was obvious that the precious metals were under selling pressure on Monday.  With both the G-8 and the FOMC meetings in progress, it wouldn't surprise me in the slightest if the powers that be in New York wanted to keep gold and silver under wraps until these events are over.

Once there is some sort of announcement from one or both meetings…especially from the FOMC meeting on Wednesday…it will be interesting to see how the precious metals react…or are allowed to react.  If prices get hammered, it would be for the sole purpose of allowing JPMorgan to get longer in gold…and buy back some of their remaining short positions in silver.  As Ted mentioned in his quote above, JPMorgan is still running this show to the downside…and as I said on Saturday, they'll be fully in charge whenever they decide to let the precious metals run to the upside.

So we wait.

In Far East trading on their Tuesday, all four precious metals didn't do much until around 10:00 a.m. Hong Kong time…and then they all came under selling pressure once again.  That pressure lasted until just before, or at, the 8:00 a.m. BST London open…and the subsequent rallies, such as they were, came to an end an hour later.  Volumes were not heavy at all.

And as I hit the 'send' button at 5:10 a.m. EDT…gold is down about six bucks…and silver is down a bit over a dime…and the dollar index, which had been up about 25 basis points at one time, is now back to virtually unchanged from Monday's close.

I have no idea what the precious metal prices will perform during the New York session today…but nothing will surprise me when I switch on my computer later this morning.

See you here tomorrow.

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Here's your “cute quota”…and a couple of cartoons…