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Michael Lynch: It's very different this time as Comex gold buyers are demanding huge delivery
New buyers are insisting on delivery from Comex
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By Michael Lynch
Michael Lynch on Gold and Silver, Substack
Monday, March 31, 2025
Maybe the final print of today’s CME Group gold report for trading on March 28 will be revised. The final report shows that the open interest on the April gold contract increased by 45,420 from the preliminary report to 106,662 contracts. March 28 was the last report before first notice, so that is a doubling of metal set for physical delivery. ...
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The final data is suspect because total trading volume is shown as 31,206, so an open interest increase of 45,420 appears inconsistent. That said, Comex reports are often inconsistent. Apparently there is off-exchange trading that doesn't impact reported trade volume but shows up in open interest.
If this report is legitimate, the 106,662 contracts standing for delivery would be nearly double the prior Comex record ...
Statistically, the final print has a reduction in contracts standing for delivery compared to the preliminary report. In the days at the start of the Ukrainian war, the March 2022 contract went into delivery and there was a massive downward revision that saved Comex from default. I called BS on this and did a video with Tom Brodrovich of Palisades Gold Radio regarding this default. In my opinion, longs were sequestered and told to roll position as there wasn't enough metal.
https://www.youtube.com/watch?v=Kn1epXKqzVY
Today's situation is completely opposite as the final report shows a huge surge in contracts standing for delivery. The only logical explanation (besides a reporting blunder) is that there was a lot of off-exchange dealing over the weekend between the preliminary and final reports as longs initiated contracts with shorts. The new contracts arrived on the final report as open interest.
If that's true, this new group of players is an entirely different kind of buyer. Apparently these new buyers will not be denied physical gold.
... For the complete analysis:
https://substack.com/home/post/p-160291374
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