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Michael Lynch: Not a fat-finger error at Comex but a savvy, massive gold trade
By Michael Lynch
Michael Lynch on Gold & Silver, Substack.com
Tuesday, April 1, 2025
Comex's reporting on the April gold contract has been a roller coaster. To recap:
The preliminary print for the March 28 report issued on Friday night showed 55,878 contracts standing for delivery. That was revised upward by 50,784 to 106,662 on the final print early Monday afternoon.
... Dispatch continues below ...
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On the preliminary and final reports for trading on Monday, March 31, 52,983 contracts vanished, essentially wiping out the weekend surge.
Where does it stand now?
Based on the 18,814 contracts that remain open and the 34,865 contracts already delivered, the number set for delivery is 53,679. That is the second highest in Comex history, not far behind the 59,296 that stood for delivery on the February contract.
Big month -- but I want to know what went down behind the scenes. The sequence of events can lead one to believe that this was a fat-finger error in Comex reporting. I'm not believing that. I think the reporting captured an ambush on the physical markets. ...
... For the remainder of the analysis:
https://econanalytics.substack.com/p/not-a-fat-finger-report-error-we
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