COMEX Metals Deliveries

Common questions

What are COMEX deliveries?

When a COMEX gold, silver, or other metals futures contract reaches its delivery month, the holder can stand for delivery and take physical metal. The exchange records a delivery notice for each contract that settles this way. The monthly count of those notices is a measure of how much metal is being taken off the exchange rather than rolled or closed on paper.

How are deliveries counted on this page?

This page sums the daily delivery notices (issues) reported by CME Group into a monthly total per metal. Each notice corresponds to one futures contract standing for delivery — 100 troy ounces for gold, 5,000 for silver, and the standard contract size for each other metal.

How do deliveries relate to COMEX warehouse inventory?

Warehouse inventory is the stock of metal sitting in exchange vaults; deliveries are the flow of contracts claiming it. A month of heavy deliveries against a thin registered stockpile is what stackers watch for, so this page pairs with the COMEX warehouse-inventory page that tracks the stock side.

Do high delivery months mean a shortage?

Not on their own. Deliveries are seasonal — they cluster in the active delivery months for each metal — and a large count can simply reflect a big, liquid contract month. They are most informative read alongside registered inventory and open interest, not in isolation.