Comex Report: Deliveries Slow but Metal Keeps Leaving the Vault

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

Gold has definitely found a nice consolidation zone, oscillating between $4600 and $4800. During this time, delivery volume has slowed some as seen in the chart below. March is a major delivery month for gold and delivery volumes hit the lowest level since October 2024.