Comex Delivery Volumes Plummet to Historic Lows

The Comex exchange has reported a significant decline in delivery and inventory activity for gold. According to recent data, the delivery volume of gold has crashed to its lowest level since October 2024, with only around 20k ounces delivered for the month. This represents a substantial drop compared to previous years, including 2020 when prices were significantly lower.

Looking at the dollar amount perspective, it's clear that the amount delivered is well below last year's levels and even 2020's, despite current gold prices being twice as high as they were back then. This trend suggests a decrease in demand for physical gold.

The Comex has also seen a collapse in silver delivery volumes, which have not been this low since 2024. Silver price spreads have returned to normal, indicating that market conditions are stabilizing.