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Conclusion
The data continues to show that there is a lot of movement going on behind the scenes in the gold market. The price of gold has reflected this, hitting new all-time highs multiple times in April before seeing some profit taking.
This is not your ordinary gold market. The market is under pressure and there are a lot of people fighting over limited supply of physical gold. The tariff exclusion did not seem to slow the demand of physical.
It may take several more months for all this to play out, but one thing is for sure… the fireworks are not slowing. The Comex data is sending up loud signals. Physical gold is in demand. Do you have enough?