A Curious Pattern of Comex “Deliveries”
Even though gold “deliveries” on the Comex are nothing but a charade and shuffle of paper warehouse receipts and warrants, the latest trend is a real eye-opener and appears to be a rather interesting datapoint of extreme demand for gold in all its forms.
Through the year, the Comex trades futures contracts for every month on the calendar. However, not all months are treated equally. Six of the months are treated as “delivery months” and these are the contracts which carry the majority of the short-term trading interest and volume.
The tonnage of gold flow around the globe…from West to East and from South to North.
The extreme and surging growth of “inventories” in the gold ETFs
Total open interest on Comex, which by July 11 had grown 73% from January 29
Global Mint and Central Bank demand, including China and Russia
Interest in owning mining shares has sent the HUI index up over 170% year-to-date
And now we have Comex allegedly “delivering” gold at a never-before-seen record pace.