Comex: Delivery Volume Remains Elevated but Inventories are not Impacted

The CME Comex is the Exchange where futures are traded for gold, silver, and other commodities. The CME also allows futures buyers to turn their contracts into physical metal through delivery. You can find more detail on the CME here (e.g., vault types, major/minor months, delivery explanation, historical data, etc.).

The data below looks at contract delivery where the ownership of physical metal changes hands within CME vaults. It also shows data that details the movement of metal in and out of CME vaults. It is very possible that if there is a run on the dollar, and a flight into gold, this is the data that will show early warning signs.

Gold

Delivery volumes for July were the second highest since May of 2025 when looking at minor delivery months. 13,123 contracts were delivered which is significantly higher than the 8,838 that were delivered in May of 2026.