Physical Demand for Gold Remains Strong even while Silver Sees Slowing Delivery Volume

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 June were elevated compared to the last major delivery month of April. We are not seeing the same delivery volumes from late 2025 and early 2026, but volume remains well above the 2024 levels. This shows continued physical demand despite the recent pressure on gold prices.