Comex Update: Delivery Activity Goes Deathly Quiet

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. Since January of 2025, the market has seen significantly elevated delivery volume far surpassing what had been seen in years past. However, three of the last 4 major months have seen a major drop in activity and volume. October is always a tricky month. December is the true major month near year end, but to bridge the gap between August and December there is elevated volume but it is not usually as busy as a normal major month.