The gold market is abuzz with activity as we approach a new record for gold vaults at the COMEX. In just five days, we could see this milestone achieved, following the delivery of an additional 276,000 ounces of gold on Friday. Adding to the excitement, there are startling rumors that up to 2,000 tons of gold have been delivered to the U.S. over the past two months, much of it outside the COMEX system.
This surge in gold deliveries has raised concerns about potential delivery defaults. The significant influx of gold and the looming record highlight the intense demand and activity within the gold market. As the situation unfolds, market participants are closely monitoring the potential impact on gold prices and the broader financial landscape.
Recent data shows that gold exports from Switzerland to the U.S. reached their highest level in 13 years in January, with 192.9 tons delivered. This increase in gold shipments is attributed to the widening price premium between U.S. gold futures and London spot prices, attracting massive deliveries to COMEX gold inventories. Additionally, JPMorgan has planned a $4 billion gold delivery to the U.S. amid tariff fears.
The COMEX gold vaults have seen a notable increase in activity, with significant deliveries and inventory changes. These developments have raised concerns about possible delivery defaults and the overall impact on the gold market.
Sources:
https://finance.yahoo.com/news/jpmorgan-plans-4-billion-gold-181226432.html