Record Comex Gold Deliveries

If they give it to you, take it!

Tue, Mar 31, 2020 - 10:46am

After the craziness of last week...and the sudden rush by the CME to approve London 400-ounce bars for Comex delivery...we figured that the Apr20 "delivery" process was unlikely to be the usual 10,000 contract game of charades. Boy were we ever right about that one!

Do you recall how we noticed the "highly unusual" movement of all that Bank gold from eligible to registered back on Friday? Well, we now know that that was definitely a sign of things to come. Note that JPM moved 792,367 ounces. As we discussed yesterday, that's enough gold to physically settle 7,923 Comex contracts...

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