Massive gold deliveries on Comex

On Friday, the largest amount of gold ever was stood for delivery. What does this mean?

Gold continues to consolidate its massive run-up which commenced on St Valentine’s Day. The battle is between physical demand and bullion bank short positions, evidenced by the largest stood-for-delivery number in the gold contract ever seen on Comex, at 21,414 contracts last Friday. That’s 66.6 tonnes, and beats the previous record of 19,828 contracts on 30 September 2022 when gold was $1661. Furthermore, yesterday a further 5,447 contracts (16.94 tonnes) stood for delivery.