Comex: Delivery and Inventory Activity Crashes While GLD Having Best Month Ever

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

We have been tracking this data for years now. Prior to other price runs, the physical market would flash warning signs. Either delivery volume would start to increase, inventory levels would start to decrease, or both. For the delivery month of July, the data has gone extremely quiet.