January 2025 has seen an unprecedented $5.2 billion in gold deliveries on the Comex, marking an extraordinary surge for a traditionally quiet minor month.
What makes this particularly noteworthy is that 19,001 contracts have been delivered with three days still remaining in the month, a level typically associated with major delivery months.
The surge isn’t attributed to any single event but rather consistent buying and immediate settlement throughout the month. This unprecedented activity in physical gold delivery could potentially indicate a broader shift in market participants’ attitude toward holding physical metal rather than paper contracts.