The designated period in
which holders of short positions give notice
of their intention to deliver on the exchange.
In a COMEX delivery
month, for example, the delivery period starts two days after the last
trading day of the previous month and extends one trading day beyond the delivery
month.
Heavy liquidation
of long positions often takes place just prior
to delivery periods to avoid the liability of having to accept gold or warehouse
receipts; that is to say, the longs bail out a day or two before delivery may
be forced upon them in the delivery period.