Daily Alpha · Substack
· Premarket Alpha · by Buzzberg Research
Comex gold delivery demand collapsed just as the exchange retired a crisis-era contract and vault capacity, weakening a physical stress signal.
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Comex gold structure
Delivery volume in September 2026 was half the quietest month since 2024 and Comex cancelled the zero-open-interest 400oz contract, removing the LBMA-standard vaults added in 2020.
Comex gold delivery volume collapses to half the quietest month since 2024
Gold delivery volume in September 2026 was half the quietest month since 2024, and the slowdown was sudden rather than gradual, as if demand vanished.
A sudden collapse in physical gold delivery demand removes a key stress signal from Comex and suggests the physical bid has rotated elsewhere, potentially Asia.
Watch Whether gold delivery volumes and net new contracts rebound in the October contract period or stay depressed.
Source →Comex cancels 400oz gold contract and removes associated LBMA-standard vaults
The Comex shut down the 400-ounce gold contract, which had zero open interest, and removed the vaults holding 400-ounce LBMA-standard bars that had been added during the 2020 stress period to bolster market confidence.
Removing a buffer created during stress reduces Comex's capacity to absorb renewed physical demand, so a future inventory squeeze could drain vaults faster and disrupt gold pricing.
Watch Whether Comex vault inventories fall sharply in a future delivery month now that the 400oz buffer is gone.
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