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IPFS News Link • Gold and Silver

Is The COMEX Fudging Physical Delivery Data?

•, by Jan Nieuwenhuijs

When it comes to the price of gold, there is always much discussion in the gold space regarding the COMEX futures exchange. Because futures are traded with leverage, they have a significant impact on the gold price. Therefore, it's always worth scrutinizing COMEX trading to be sure the gold price is a fair representation of supply and demand.

The other day I commented on an article by Robert Kientz titled "COMEX's Gold And Silver Futures Market Trade Data Not Adding Up" (I have been told Kientz's work is based on an analysis by Kirian van Hest). Although I haven't read everything by Kientz and van Hest, the gist of the initial article* I commented on was that the number of contracts that were delivered in early September did not match the change in open interest for this contract.

To make sense of the delivery data I've collected trading volume and open interest numbers for the September 2020 contract from Nick Laird at GoldChartsRUs.comCME Group, which is the owner of the COMEX, only publishes granular trading volume and open interest statistics going back four days, so I asked data miner Nick Laird for data going back further. The only dissimilarity I could find is that CME Group discloses delivery data on one of their webpages with a one-day lag. Possibly, this leads to confusion. As an example, on the CME's delivery notices webpage we can see that on September 9, 2020, deliveries accounted for 243 contracts (red box below).

However, on CME's trading volume webpage, deliveries on September 9, 2020, accounted for 104 contracts (red box below).