Most investors watch the price of gold.

But very few are watching what may be an even more important signal:

How much physical gold is actually being delivered.

Right now, that number is unusually high.

And that tells a deeper story.


A Quick Explanation

The COMEX (Commodity Exchange) is where gold futures are traded.

A futures contract is essentially a way to put a little money down and get exposure to an underlying asset as if you had paid for the asset in full, think of it akin to buying a home with a 10% down payment. The difference however is that unlike with a mortgage you have a monthly payment due that you can prepare for, with futures, if your “down payment” called your “initial margin” falls below a certain level, you are forced to immediately invest more money to hold your position or your broker will sell your gold and silver futures, potentially at a big loss and you may still owe them money even though your futures account is now worthless. For many who use too much leverage, just a little move in the price of the metals can quickly result in this painful outcome.  Most of the time, when futures contracts trade, they are settled in cash.

Unlike ETFs and other paper gold and silver proxies, futures can be exchanged for physical gold.  The standard gold contract is 100 ounces and the silver contract is 5,000 ounces. Historically, only a small percentage of contracts result in physical delivery.

In other words:

Most traders only experience gold trading as paper settlements, no metal is actually delivered to the investor.

But lately, that pattern has shifted.

What’s Happening Now?

Recent data shows that COMEX delivery volumes remain well above historical norms.

More traders are choosing to take actual physical gold instead of settling in cash.

Even during months that are usually quiet, delivery numbers remain elevated.

That’s not typical behavior.

And it suggests something important:

Investors are not just trading gold.

They want to own the physical and they want it in their possession.

Why Do Investors Want Physical Gold and Silver Rather Than Just Financial Gold & Silver?

There are a few primary reasons:

• Confidence in financial systems is fragile among many investors given the record leverage across many assets classes. This has historically been problematic for markets.
• Inflation remains a long-term concern and inflation is historically painful for financial assets such as stocks and bonds and is historically very positive for gold and silver.
• Global instability continues and when promises break down, historically physical gold and silver have been beneficial to owners.
• Central banks themselves are accumulating physical gold and taking delivery within their borders. These uber-informed investors who set policy for the world’s fiat currencies appear to be recognizing the stupidity of their policies and are moving to protect themselves from their own mistakes as gold historically does very well as central bank policy errors are unwound.

But underneath all of that is something simpler:

People want something tangible.

Something real.

Something that does not depend on a counterparty’s promise.

A Faith Perspective: Stewardship Over Speculation

Scripture reminds us:

“Where your treasure is, there your heart will be also.” — Matthew 6:21
Gold is not salvation.

It is not security in the eternal sense.

But it is not coincidence that gold is the only asset the Bible counsels us to buy so that we will be wealthy. It is also not a casual decision or fleeting thought by the Lord to say that silver and gold are His. He did not say that about any other asset in such a manner.  Since those statements were made in scripture, gold has historically served as a tool of prudence and stewardship.

Throughout Scripture, gold was used as:
• A store of value
• A medium of trade
• A symbol of enduring worth

What we are seeing in the COMEX data today reflects a timeless principle:

When uncertainty rises, people seek foundations.

Not leverage.
Not speculation.
Foundations.

Inexperienced investors often assume gold is just another trade.

But elevated delivery volumes tell us something deeper:

Real gold is not just another trade in a portfolio of assets or another short-term bet.

Gold is being treated as THE reserve asset investors want strategically when stress rises so you have wealth within reach that has been valued for centuries and is recognized worldwide for its value.

What This Means for You

This is not about panic.

It’s not about chasing headlines.

It’s about understanding that real demand for physical gold remains strong — even beneath daily price fluctuations.

Short-term prices will still move based on:
• Inflation data
• Federal Reserve decisions
• Dollar strength
• Geopolitical events

But structural physical demand is a quieter signal.

And often, the quieter signals matter most.

The Bigger Question

The real question isn’t:

“Will gold spike tomorrow?”

The real question is:

Do you own assets that sit outside the financial system?

Assets that:
• Carry no counterparty risk
• Cannot be digitally erased
• Have held value throughout the centuries, often thriving in times of stress
• Serve as financial ballast in uncertain times

Physical gold has played that role for thousands of years.

And current delivery data suggests that many serious investors are recognizing that again.

A Personal Invitation

At St. Joseph Partners, we help families acquire physical gold and silver held outside the financial system.

No pressure.
No speculation.
No confusing Wall Street language.

Just real conversations about prudent stewardship.

If you’ve been thinking about adding physical gold to your portfolio — or if you simply want clarity about how it works — we’re here to walk with you.

Call us today to talk with our team 610-326-2000.

Because in uncertain times, wisdom isn’t found in reacting.

It’s found in preparing.

 *Past performance is not indicative of future results.