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Gold deliveries in February came in quite low for a major month, totaling only 15,055. This is the lowest month going back to February 2020 (pre-Covid). The chart below shows the big spike in deliveries seen after Covid started. While the current month is still above any pre-Covid month, it is small when compared to […]
Gold inventory in COMEX vaults declined by nearly 5% in a single month. 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 […]
Strange activity continues at the Comex! Delivery volume for February was a little less than half the contracts open at first notice. 6,005 contracts were delivered with 7,370 remaining in open interest. This was a much larger relative delivery than December which saw less than a third of contracts delivered on the first day. Things seemed suspicious […]
Gold deliveries in January have reached 6,327 contracts with only 178 remaining in open interest. While this fell shy of the last five minor months, there are a few signs that are noteworthy. First, the delivery volume was greater than last January. This is important because January is typically a slow month after the major […]
The flow of gold and silver out of Comex vaults has slowed in recent weeks, but there is no question that metal continues to move out. 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 […]
This analysis typically starts with gold, but the activity in platinum is a major event that should not be overlooked. See the article What is the Comex? for a bit of backstory.
December gold is having the weakest major delivery month since February. This is surprising given the recent strength in gold and considering that last December saw quite a large number of contracts deliver (36k). I commented on this a few weeks ago, suggesting that the lower volume was a result of thinner supplies. I think the […]
The drainage of silver from Comex vaults since the start of the year has been nothing short of spectacular. 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 […]
While the data this month looks weak, I think there is more to the story. My hypothesis is speculative in nature, so I will save it for the end after going through the data.
Slowly but surely, physical supplies of gold and silver are being drained from the Comex. This has put pressure on the system. We are now seeing that pressure manifest itself in the data.
