- Harvey Organ: A Massive 43.26 Tonnes of Gold Standing for Delivery in Feb on Crimex!!
Today we had first day notice and what a surprise. We had a massive 1,391,000 million oz of gold stand or 43.26 tonnes of gold. I have been following the gold and silver comex data from the mid 1970’s and I have never seen anything like this before. You will recall that this past December we had only 10 tonnes of gold delivered upon. Generally December is the biggest delivery month of the year. The comex is not a physical market. If one needs physical they generally head over to London at the LBMA and purchase the metal over there. The high amounts standing may mean that our gentlemen from Eastern persuasion are having difficulty finding metal and thus they are heading over to our neck of the woods to obtain this very valuable commodity.
In all the years that I have covered the comex I have never seen such a high amount of gold standing. The comex is a paper market and to see such a high level of gold standing seems to suggest that the gold investor boys (and sovereigns) are crossing the pond because physical gold is scarce. London must be out or close to it.