Comex Update: 400oz Gold Contract Cancelled; Silver Demand Strengthens

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 elevated delivery volume far surpassing what had been seen in years past. Then, suddenly activity just stopped. This was the case last month too (which is a major month in gold). Delivery volume this month was half what we had seen in the quietest month since 2024.