This week, a firmer trend in gold continued as markets realized the seriousness of the deteriorating situation in the Middle East.
In the last few days, gold and silver have paused their earlier rises. In the case of silver, these have been substantial, as shown in our headline chart. In gold, less so; but it does appear that silver is leading both metals higher. In European trade Friday morning, gold was $1944, up $39 on the week, and silver $24.60, up 40 cents. Silver is up 10% from its mid-August low, leading gold which is up only 3%.
June is wrapping up strong for gold at the COMEX with 20,101 contracts being delivered. There are still 583 contracts open that have not been delivered, but the majority of the contracts have been completed. Meanwhile, were seeing more and more stress on silver and platinum.
The bleed of metal from COMEX vaults has resumed and silver inventories have hit record lows with 28 paper claims for each ounce of physical silver.
This analysis focuses on gold and silver within the Comex/CME futures exchange. See the article What is the Comex? for more detail. The charts and tables below specifically analyze the physical stock/inventory data at the Comex to show the physical movement of metal into and out of Comex vaults.
As expected, gold has turned in a fairly strong start to the month on the COMEX. It’s below April but is still early in the contract.
Gold is wrapping up May which has slightly exceeded the last minor month in March.
Banks have restocked gold recently, but with the massive drawdown in inventories over the last year, the recent increase has done little to actually replenish those supplies.
This analysis focuses on gold and silver within the Comex/CME futures exchange. See the article What is the Comex? for more detail. The charts and tables below specifically analyze the physical stock/inventory data at the Comex to show the physical movement of metal into and out of Comex vaults.
In 5 days, the COMEX has seen 4,190 contracts open and stand for immediate delivery. This is the strongest start to a month going back at least 2 years, which includes the start of the war in Ukraine and the February 2021 Reddit silver squeeze.
Silver has seen a relatively weak delivery to start the action in May. While this could be considered disappointing to some who were looking for fireworks, a look beneath the surface shows that all is not well.
Silver delivery from the COMEX was low in April, but there is more to the story.
This analysis focuses on gold and silver within the Comex/CME futures exchange. See the article What is the Comex? for more detail. The charts and tables below specifically analyze the physical stock/inventory data at the Comex to show the physical movement of metal into and out of Comex vaults.
