June Gold: 775,000 Ounces of Gold ‘Delivered’ On Comex In First Three Days
This is a significant change of pace for the paper heavy Comex.
Although it should be noted that much of the ‘delivering’ is being done between the house accounts of the big three bullion bankers: HSBC, JPM, and Nova Scotia.
It is also interesting that the registered or ‘deliverable’ gold held in the warehouses mushroomed to over a million ounces prior to these unusually high deliveries. Just noting this, vis a visthe jokers who say that the registered gold metric is now unfashionable and irrelevant for any variety of contrived reasons they do not really seem to fully understand.
This is something rather different from the recent norms. Let’s see if anything comes of it.