Silver Rises Over 120% YTD 
The COMEX May gold contract is showing unprecedented activity, with 6,712 new contracts written since first notice day—far above the historical mean of 1,525 and previous record of 4,150. Cumulative deliveries have reached nearly 16,000 contracts, surpassing the record set by the March contract. However, this activity is primarily driven by bank house accounts and JP Morgan customer accounts, with Bank of Montreal being the largest buyer at 658,000 ounces. For silver, the May contract is also setting records with JP Morgan and Goldman Sachs customer accounts driving purchases, while banks overall have sold a net 15.8 million ounces to non-banks—the third-highest net sale by banks for a specific contract in history.
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Gold Is Up 41% From a Year Ago. The Fed Can’t Stop It
Gold is trading at $4,648/oz — up 41% from a year ago, down 14% from January’s record. Both numbers are true. The one that matters is the 41%. It held through a war, three hawkish Fed holds, and the most fractured FOMC vote since 1992. Here’s why that gap between the record and today’s price is a floor, not a warning.
May 1, 2026
