A gold whale takes delivery on Comex!

There was a panic with last Friday’s open interest revised up by 48,629 contracts over preliminary figures. Today, preliminary OI crashed by 68,196 contracts. What’s going on?

This is a quick note to try to make sense of the shenanigans in Comex’s gold futures contract. First, the ever-observant Ronan Manly posted on X the extraordinary stand-for-deliveries due tomorrow but notified today of 34,865 contracts. This is 108.44 tonnes — the highest ever recorded by a long way (the previous high was 29,621 contracts on 31 January). Then an observant paid follower of my Substack alerted me yesterday to an unprecedented jump in last Friday’s revised open interest.

This is what I think is happening.