Peter’s Blog

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 […]

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 […]

Gold has been seeing a large number of contracts roll in the final day of the contract. That did not happen this month. This has resulted in a large delivery volume.

Gold is wrapping up March, which is a minor delivery month. While it was a decent delivery month, it was the smallest minor month since November 2021.

Given the potential impacts of the ongoing banking crisis, I will start this article with the conclusion. The current banking crisis could not have come at a worse time for the Comex system. Inventories have seen massive depletion over the last 2+ years as investors have slowly been pulling physical out of the vaults. I […]

This month, the conclusion is going at the top because it can be hard to read through and interpret all the data. In a nutshell, the data is sending mixed signals. Delivery volume is slowly drifting lower, but some of the underlying data is starting to show large deviations from the mean. In particular, silver […]