When speculators enter the futures market, the vast majority of their positions are either sold to someone else or "rolled over." This means the trader never sees - or takes delivery - of the commodity they are trading. The never see a truck loaded with crude oil or copper sitting outside of their house, waiting to unload.

But many folks trading gold and silver contracts are taking actual physical delivery of precious metals... and they're doing it at close to record rates. In December, 4.5% of gold contracts ended in delivery... up from 3.4% from the previous year. Silver contracts ending in delivery were 7.3%, up from 4.7%.

The all-time record of contracts ending in delivery is over 8%... a level reached in the panic times of 1980.

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