Comex Update: Physical Markets Remain Under Pressure 

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 seen massive delivery demand for the month of October. This is by far the biggest October on record, which is always somewhere between a major month and minor month. You can see the past two Octobers with the elevated orange dots representing the number of contracts delivered relative to the peak open interest. At 80%, this October is way above past months.