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Michael Lynch: Who thinks retail has pushed gold's market cap up by $12 trillion this year?
The Run on Physical Gold Accelerates
By Michael Lynch
Econanalytics.substack.com
Friday, October 17, 2025
Yesterday 3,878 new contracts (12 tonnes) were written on the October contract. Since the October contract is in the delivery period, this activity is for physical metal to be delivered by the end of the month.
That one-day buy is just 19 shy of the single-day record, which was set this year during the February contract.
... Dispatch continues below ...
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[With the charts included in this commentary] you can see that the daily net new contracts has been running hot nearly every day ... and at an increasing rate. The cumulative number of new contracts written since first notice day is now setting records each day. ...
However, I think the primary driver of this repricing event is not retail but the "smartest" money of all: sovereigns and central banks. They will keep buying until they hit their target metal count, price be damned.
Do you think retail has pushed gold's market cap up $12 trillion year to date? ...
... For the remainder of the analysis:
https://econanalytics.substack.com/p/the-run-on-physical-gold-accelerates-9cb
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