Gold’s value is relative. It doesn’t really matter how many digits it takes to express the price. Its true value lies in what those digits represent in terms of purchasing power.

COTs this week

SGE withdrawals for July

US Mint sales for July

COTs this week - declining numbers on a rising price???

To put today's first day of delivery contracts into perspective

32,732 contracts = 3,273,200 ounces (101 tonnes) which is the equivalent of the sum total of all deliveries for 2019.

2/3rds of the supply came from the bank prop trading desks.
And 50% of the demand came from the bank prop trading desks

Chinese regulators and major banks are rushing to curb precious metal trading by domestic investors to temper speculation that some fear could cause a repeat of this year’s oil trading mishaps.

The U.S. Mint has reduced the volume of gold and silver coins it’s distributing to authorized purchasers as the coronavirus pandemic slows production, a document seen by Bloomberg shows.

The Mint’s West Point complex in New York is taking measures to prevent the virus from spreading among its employees, and that will probably slow coin production there for the next 12 to 18 months, the document shows. The facility is no longer able to produce gold and silver coins at the same time, forcing it to choose one metal over the other, according to the document, which was presented to companies authorized to buy coins from the Mint last week.

Gold hits record new highs

COTs this week