The last article highlighted the strange things going on in the gold market. Specifically:
- Cash settlement instead of delivery for February
- Increased open interest in March
- Slightly higher spread cost in April.
Recent weeks have seen several flashing yellow signs in the gold market.
Gold continues to flow out of COMEX vaults at a rapid pace. Inventory fell 3% in the last month alone.
This analysis focuses on gold and silver within the Comex/CME futures exchange. See the article What is the Comex? for more detail.
As reported last week, Comex January turned out to be extremely strong in both gold and silver for a minor month. Most of that strength materialized after First Position. February was looking modest in gold and weak in silver, but the gold market is now showing outlier trends.
This analysis focuses on gold and silver delivery volume on the Comex. See the article What is the Comex for more detail.
An article earlier this month reviewed the massive volume of physical metal leaving the bank House accounts over the last two years. December 2021 finished the year off with a massive drawdown in House account inventories. While the drawdown continues across most accounts, Bank of America has tried to recoup some of the physical metal that left its holdings in December. As the data below shows, this has led to an extremely strong January to kick-off 2022.
Last month, we saw a small increase in metal stored in COMEX vaults, but that turned out to be a blip in the trend. Metal is leaving the COMEX vaults again.
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.
I love exploring data to try and understand complex situations. My career has mainly been in finance giving rise to the name: Exploring Finance. Using data to explore the current financial landscape shows an unsustainable situation, which has led me to identify gold and silver as the best defensive investments.
As reported last week, Comex January’s open interest activity was looking strong in silver and modest in gold. The initial results are promising, especially given the probability contracts will open mid-month for immediate delivery.
This analysis focuses on gold and silver physical delivery on the Comex. See the article What is the Comex for more detail.
Silver delivery in December surged to levels not seen since last spring and reversed the downward trend in place since last summer.
This analysis focuses on gold and silver physical delivery on the Comex. See the article What is the Comex for more detail.
Gold inventories in Comex vaults increased for only the second time since February this year.
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.
Gold and silver delivery requests from the Comex neared a 1-year high in November.
Note: This analysis focuses on gold and silver physical delivery on the Comex. See the article What is the Comex for more detail. Additionally, numbers from Comex for December 1 are still preliminary as of publishing. Numbers may change some.
