by Turd Ferguson, TF Metals:
Though Comex metal “delivery” remains a sham and circle jerk where The Banks simply shuffle paper warehouse receipts and warrants, we thought the latest totals for September were noteworthy enough to bring them to your attention.
Again, we’ve written about this on countless occasions and this post is not meant to imply that “the Comex is about to break” or that “there is a run on The Banks”. Instead, September saw the continuation of two trends of which you need to be aware. Comex “deliveries” are up dramatically in 2017 and JPM continues to stand down.
First, take a look at the historical pattern of “deliveries” during the so-called “delivery months” of March, May, July, September and December. Below is a summary of the “delivery” activity for 2015:
The one way we’ve always quantified “deliveries” here at TFMR is to consider the total amount of stated “deliveries” at the end of each month versus the total number of contracts that had been left open and allegedly “standing for delivery” at the beginning of the process. For 2015, it looked like this:
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