September 29, 2025 - (Gold Market Wire) - Price action in the form of charts isn't the only way to perceive a market's demand side. Sometimes, the Exchange can help us as well. The main indicators of interest to us are the COMEX physical deliveries and the Open Interest numbers. Open interest, means just that - volume that reveals open positions, both long and short. It's a highly relevant figure for general, wide-spread interest in the market...meaning the increase or decrease of people (read contracts) with positions that are open to changes in price. These are balanced against people who have bought or sold to or close a position.

To give you the long-term picture: Open interest in Gold is up 25% in the past month. That is a strong figure, showing that more and more people are entering the market. Still the lines at the coin shops in the USA or the Yarowat Rd. in Thailand, or Hong Kong and Dubai haven't formed yet. (But Hong Kong's largest IPO in four years is about be offered - and it's a Gold one!) All of this lets you know that interest is increasing, but the public hysteria which often comes near the end of a bull market, hasn't been seen yet. Prognosis? More room on the upside.

This is important, because public participation is a huge part of a gold market bull-run in full flow. In this respect we must remind people, that the $23 trillion dollars lying dormant in the savings of the Chinese public is being deployed in gold, but not at full flow. Scarred by Real Estate disasters, the property market is an unlikely avenue for those assets. Equities and Gold will be the next home for that money.

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On the issue of COMEX deliveries (of physical) we note that people are now starting to buy near-expiry futures contract solely to stand for physical. That is a significant. Physical deliveries are up some 400% over the past five years. It seems not everyone is prepared to believe ETF claims that they have the gold they claim. The custodian chain is endless. ETF custodians also have sub-custodians. The ETF prospectus even warns you!

In the past week we moved from 22 deliveries on Monday to 1,197 on Friday. People are buying at the beginning of the week, and taking physical home at the end. Maybe those recent deliveries from London weren't about tariffs after all...but the beginnings of a crush for physical.

This is the stuff that all great Gold bull markets have in them.