COMEX Delivery Activity
Daily per-firm Issued and Stopped counts in COMEX gold, silver, copper, and NYMEX platinum / palladium contracts. The exchange-clearing layer's read on which firms are reaching for physical metal and which are delivering.
Delivery Activity
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Methodology
The COMEX Delivery Activity monitor aggregates the daily Issues and Stops reports published by CME Group for COMEX gold, silver, and copper contracts, and for NYMEX platinum and palladium contracts. Issues are notices of delivery filed by short-position holders; Stops are deliveries accepted by long-position holders. The data is reported per-firm and per-contract, daily.
The monitor preserves the per-firm granularity, allowing users to identify which clearing members are reaching for physical metal (Stoppers concentrating) and which are tendering it (Issuers concentrating) — the exchange-clearing layer's own ledger of paper-physical resolution, rather than aggregated totals that obscure who is on each side.
Data Sources
- Issues and Stops data
- CME Group daily delivery notices — COMEX (gold, silver, copper) and NYMEX (platinum, palladium)
- Granularity
- Per clearing firm, per contract, per day
- Update cadence
- Daily, post-settlement
- Historical retention
- Per-firm, per-contract delivery records retained continuously since instrument launch
How to Interpret
Sustained concentration of Stops in a small number of firms — particularly when those firms are not the customary commercial deliverers — is a paper-physical decoupling signal: customers are taking metal off the exchange rather than rolling paper positions. The January 30, 2026 silver crash analyzed in Forum #24 was preceded by a measurable shift in this distribution.
Conversely, broad-based Issues from a wide dealer panel paired with thin Stops is the normal exchange-clearing pattern: paper is rolling, metal is staying in vault, and the contract is functioning as a price discovery layer rather than a physical delivery layer.
How to Cite
Researchers, journalists, and analysts citing this instrument are welcome to use the formats below. Replace [date of retrieval] with the date you retrieved the reading.
Prose
New Austrian Economics, COMEX Delivery Activity, retrieved [date of retrieval], https://newaustrianeconomics.com/toolkit/comex-paper-physical
Academic (APA)
New Austrian Economics. (2026). COMEX Delivery Activity [Data analysis tool]. Retrieved [date of retrieval] from https://newaustrianeconomics.com/toolkit/comex-paper-physical
One-liner
per the COMEX Delivery Activity at newaustrianeconomics.com