There was another big delivery day for the June Comex Gold Contract on Friday.
HSBC was the big 'seller' from its house account, as the big stopper for the gold bullion was the house account and mystery customer(s) at JPM.
This type of delivery volume is a very big change from more recent history in New York, and reminds one of the bigger volume days of 2006 and the years following into the crisis period.
What do I make of this?
Speculatively, any number of things, including increasing pressures on physical supply around the London free gold float, despite the re-repatriation of the gold bullion of the people of Venezuela.
But this sudden burst of activity on the predominantly paper Comex is a change of what has been customary, something different. I might be even more impressed if there was gold actually leaving the Comex warehouses, although given the times it may leave there through a proliferation of claims, and not ever physically leave the vault.
