by Jan Nieuwenhuijs
Three elements cause physical delivery on the COMEX to have reached record highs this year: strong demand for futures in New York, a persisting spread between the price of futures in New York versus spot gold in London, and arbitrage.
Physical delivery on the largest gold futures exchange in the world, the COMEX in New York, has reached all time highs this year. In June more than 170 tonnes were physically delivered (5.5 million ounces). Usually, delivery is “neglectable.” What has changed?