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Gold Warehouse & Delivery — Week of October 9, 2026

Gold Physical Delivery & Positioning Brief — October 9, 2026

Executive summary

  • Daily delivery pace normalizes: On October 9, 2026, COMEX recorded 138 delivery notices issued and stopped for the October 2026 contract cycle, bringing the active month-to-date (MTD) cumulative delivery total to 12,467 contracts.
  • Delivery activity downshifts from weekly peak: Daily issuance moderated from the prior session (785 notices on October 8), continuing steady physical absorption across October delivery dates.
  • Physical settlement price rebound: The October 2026 contract settled at $4,191.00/oz on intent date October 9, rebounding from $4,131.80/oz on October 8.
  • Speculative length remains elevated: Managed Money holds a net long stance of 110,987 contracts (127,101 longs vs. 16,114 shorts), aligning directional speculative bias with ongoing physical absorption.

Delivery intentions (today + MTD context)

Physical delivery flows on COMEX for GC indicate steady intermediate-cycle physical demand:

  • Daily volume: Total delivery intentions for October 9, 2026, stood at 138 contracts issued and stopped (delivery date October 13, 2026).
  • Contract breakdown:
    • October 2026 COMEX 100 Gold Futures: 138 notices issued and stopped at a settlement price of $4,191.00 USD.
    • October 2026 Micro Gold Futures: 0 notices issued today (following 530 notices issued on October 8).
  • Month-to-date progression: Cumulative October MTD deliveries reached 12,467 contracts on October 9, up by 138 from 12,329 on October 8 and 12,074 on October 7.
  • Recent delivery trend:
    • October 8: 785 total notices (255 COMEX 100 Gold, 530 Micro Gold; settlement $4,131.80).
    • October 7: 245 total notices (165 COMEX 100 Gold, 80 Micro Gold; settlement $4,113.80).
    • October 6: 271 total notices (81 COMEX 100 Gold, 190 Micro Gold; settlement $4,159.20).
    • October 5: 202 total notices (202 COMEX 100 Gold; settlement $4,128.40).
    • October 2: 1,021 total notices (161 COMEX 100 Gold, 860 Micro Gold; settlement $4,133.70).
  • Physical context: Following the massive surge on October 2 and October 8 (largely driven by retail/smaller-scale micro gold contracts), issuance has slowed back to standard corporate contract deliveries, demonstrating controlled off-take as the October cycle matures.

Warehouse stocks

CME does not publish warehouse stocks for this metal in the current data feed (warehouse_stocks: null). As a result, eligible and registered stock counts, as well as warrant changes, cannot be evaluated for this reporting period.

COT cross-check

The CFTC Commitments of Traders (COT) report as of October 9, 2026, reflects the following aggregate positioning:

  • Open Interest: 396,109 contracts
  • Managed Money Long: 127,101 contracts
  • Managed Money Short: 16,114 contracts (Net: +110,987 contracts long)
  • Producer/Merchant Long: 18,860 contracts
  • Producer/Merchant Short: 38,361 contracts (Net: -19,501 contracts short)

Physical vs. Positioning Divergence Assessment: Managed Money net length represents roughly 28% of total open interest, reflecting a persistent bullish paper posture. While paper positioning remains aggressively net long, physical delivery momentum is orderly rather than panicky: October cumulative deliveries at 12,467 contracts indicate solid physical intake, but daily flows are tapering off from early-month spikes without signs of delivery squeezes.

Risks and watchpoints

  • Micro contract delivery spikes: Large intermittent waves in Micro Gold delivery notices (e.g., 860 notices on Oct 2 and 530 on Oct 8) suggest volatile smaller-account physical demand. Watch whether Micro delivery intentions dry up or trigger further inventory calls.
  • Speculative long liquidation risk: With Managed Money holding 127,101 longs against only 16,114 shorts, any sharp physical flow slowdown could leave futures vulnerable to long liquidation.
  • Commercial hedging posture: Producer/merchants hold 38,361 short contracts against 18,860 long contracts, maintaining net short protection against recent price gains above $4,190/oz.
  • Data gaps: Warehouse stock inventory changes remain unavailable; tracking future warrant updates will be crucial to verify whether eligible inventories are being converted to registered stock to meet delivery demands.