Loading ...- Last night was first notice on the June contract and 20,105 contracts (prelim number) stood for delivery. That is far less than the two previous active month contracts indicating the physical gold rush is over, or at least paused. See the trend on the plot below.
The prime mover of the 2025 buying binge has been non-bullion banks as I’ve written numerous times. I focus on non-banks because banks tend to flip metal whereas non-banks tend to hold positions for a longer period which is more representative of true demand.
The non-bullion banks were slight net sellers on the June contract. This is a sharp change from the prior 3 contracts where they were on a buying binge adding a net 3.2 million oz. See the trend on the plot below: