Comex Report: Deliveries Slow But Metal Keeps Leaving The Vault
Gold prices have stabilized in a consolidation zone, with reduced delivery volumes on the Comex despite continued outflows of metal from its vaults. Silver futures are showing signs of backwardation, where the spot price exceeds the futures price, indicating tight physical supply. The movement suggests sustained demand for physical precious metals even as trading activity slows.
- ▪Gold has entered a consolidation phase with lower delivery volumes on the Comex.
- ▪Despite slower deliveries, physical metal continues to exit Comex vaults.
- ▪The silver market is in backwardation, with the spot price trading above futures prices.
- ▪Backwardation in silver often signals strong immediate demand or supply constraints.
- ▪Precious metal ETFs like GLD and IAU are referenced as part of broader market context.
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