Peter's Blog

Comex Update: Delivery Volume Slows Even as Prices Rise

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.

The Comex Is in Far Worse Shape Than SVB if the Run on Physical Accelerates

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 […]

Comex Results: Silver Has 60% of March Open Interest Roll in Final Day

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 […]

Comex Update: Palladium Contracts Represent 280% of Available Metal with 2 Days to Go

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 […]

Comex Vaults: Gold Sees Nearly 5% Inventory Decline in a Month

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 […]

Comex Results: Gold Sees Massive One-Day Roll While Silver Adjustments Break Records

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 […]

Comex Update: Gold Deliveries Pick Up Late in the Contract

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 […]

Comex Inventory Withdrawals Have Slowed but Not Stopped

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 […]

Did Platinum Just Break the Comex?

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.

Comex Update: Platinum Shorts on Edge While Silver Longs Still Wait?

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 […]