In the latest sign of how the market's norms have been upended by the price disconnect that struck in March, Bloomberg reports that traders on Thursday declared their intent to deliver 3.27 million ounces (over 100 tonnes) of gold against the August Comex contract, the largest daily notice in bourse data going back to 1994...

While millions of ounces of gold trade on the futures market every day, typically only a tiny fraction of that goes to delivery. But in recent months, huge amounts of bullion have flowed into New York and the COMEX has seen record deliveries.

Source: Bloomberg

As Jan Nieuwenhuijs of Voima Gold explains, three elements cause physical delivery on the COMEX to have reached record highs this year: