A Run On Comex Palladium Is Happening Now, And Platinum Could Be Next
Palladium deliveries for September have hit a record 322, with 245 contracts still open, to either be delivered or cash settled. Total deliveries should therefore be somewhere around 567.There is enough registered palladium on the Comex to satisfy 745 contracts, meaning about 76% of registered supply is about to be stood for delivery.Open interest in palladium futures has collapsed to record lows since March, meaning a higher percentage of palladium traders is calling for delivery than ever before in history.The situation is similar in platinum, which saw a record 4,131 contracts delivered in July. There is enough platinum to satisfy only 4,928 contracts, and 47,369 remain open.Most of these will roll over, but if more than 4,928 remain open by September 29, shorts will have to bid away remaining eligible platinum to satisfy longs who stand for delivery.
Seekingalpha · 09/03 18:21