Last Updated on February 11, 2026 by Deon
If you want to learn what the world’s largest banks are thinking about the price of gold, don’t pay attention to their public estimations — just look at their COMEX Delivery Intentions. While the vast majority of investors simply trade “paper gold” (the futures contracts that settle in cash), the delivery report indicates who actually is taking — or giving away — those physical bars.
Looking forward to February 11, 2026, and the data suggests a seismic change in posture for how ”Big Money” is positioning.
The February Flood: 3.4 Million Ounces Queued For Delivery In The First Six Days Of February, Resulting In A Staggering Ratio Of 462 Non-Delivered Ounces Per Single Man Delivered.
The February 2026 gold contract is fast developing into a heavyweight. The total aggregate delivery notices for the month now stand at 33,959 contracts so far this month.
The Scale: Each contract is for 100 troy ounces, so you are looking at a move of 3,395,900 troy ounces of physical gold moving between vaults.
The Daily Pulse: On Tuesday alone, 176 new notices were sent. Appetite for physical settlement hasn’t disappeared, even as prices teeter near the record $5,000 level.
The Sellers (Issuers): Wells Fargo Leads the Way
When a firm “issues” a notice, it is they who are delivering the gold. The dominant seller this week was Wells Fargo, which issued 170 contracts for delivery.
The Interpretation: Banks sometimes become “issuers” when their institutional clients have made money and want to take profits, or when the banks simply need to re-jigger their own commercial inventories. That doesn’t automatically make them “bearish”; it just means they’re the sellers that have bent to supply what the market needs.
The (Stopper) Buyers: Citi And JP Morgan Are Stacking Up
On the other side of trade, we have the “Stoppers”—those parties who said, “I’ll take it,” and they stop receiving notice and gain full legal ownership of the gold.
Citigroup: Topping the list this week after halting 45 contracts.
JP Morgan: Another steady player, receiving 28 contracts for its house account and 6 more for customers.
The Insight: When JP Morgan and Citi are buying at $5,000, they are effectively saying that all of us who have been watching it for years at this price are likely not looking at “the top,” but rather the base market value. And they are opting to be the ones holding the metal, not the cash.
Why Should You Care?
For the typical investor, this information is a “Reality Check” for the market:
Price Support: If paper prices weren’t “real” or are too high, then these big banks would not be buying at these levels. This physical delivery is the base of all.
Vault Stress: We are keeping an eye on the “Registered” gold (gold for sale) vs. the ”Eligible” gold (gold just being stored). The higher number of contract that stand for delivery, the pressure on supply is, hence he higher physical premiums.
Bottom Line: Daily price fluctuations make the headlines, but the COMEX delivery reports reveal that the world’s largest financial institutions remain very interested in physical ownership. In the war between “Paper Gold” and “Real Gold,” the physical metal is now in the driver’s seat.
