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Unprecedented COMEX physical gold delivery orders [Video]

Andrew Maguire shares word of tonnes of physical gold set for COMEX Gold Futures delivery.

Watch this week’s Live from the Vault for:

  • Why did the gold price drop?
  • The outlook for gold and silver this year and beyond.
  • The silver price point insiders will need to quickly recover to stem backwardation.
  • How the CME and LBMA's fresh price containment strategy is destined to fail.

In this week’s breakdown of the gold and silver markets, Andrew Maguire explores the unprecedented physical bullion requests for November and December COMEX Gold Futures delivery.

November Contracts

Andrew Maguire reports a total of 34.7 tonnes of COMEX November delivery requests had to be physically delivered this Monday. With trading houses rationed for physical supply at current low paper-driven prices, locking in the significant tonnage at a $3 - $5 discount to spot price.
The long-time wholesaler reports that Barclays Bank took 17.4 tonnes of the 34.7 tonnes requested, with another known client securing 4.7 tonnes. These physical deliveries taken in November, follow on from the remarkable 108 tonnes sought for delivery in the typically uneventful October contract.

December Contracts

The flow of physical taken for COMEX Gold Futures delivery shows no sign of halting over the festive period, according to Andrew Maguire.

Andrew Maguire reports that December deliveries have already commenced, representing 44 tonnes demanded for delivery, as of Wednesday. The remaining open interest in Gold Futures represents another 63 tonnes standing for delivery. Andrew Maguire estimates that at least another 30 tonnes will flow out before the last delivery date for December on New Year’s Eve.

With the COMEX continually under attack for their fractionally held physical bullion stocks, Andrew Maguire believes “the physical paper battle has finally come to a head.”

Author

Samuel Briggs

Samuel Briggs

Kinesis Money

Samuel holds a deep understanding of the precious metals markets, and as an in-house journalist for 1:1 gold and silver-backed monetary system, Kinesis, he is chiefly responsible for updating the community with insights and analys

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