By Alasdair Macleod
GoldMoney, Toronto
Friday, May 29, 2026
As China buys up the bullion, the relevance of paper markets on Comex (and in London) is shrinking. Liquidity and relevance of paper gold and silver relative to bullion are diminishing.
This market report analyses why open interest on Comex has declined to multi-year lows and the consequences. Clearly, liquidity has been drained from Western paper markets by the continual drift of bullion into firm Asian hands. We present evidence of the strains on market makers on Comex who have limited capital resources and we debate the consequences.
... Dispatch continues below ...
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This week saw open interest in the Comex gold contract drop to under 350,000 contracts. This is the lowest it has been in at least 13 years. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/open-interest-collapses [2]
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