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Updated 14:20 17/09/19

Has something snapped at the Comex?

By Peter Walden, News Editor

27 Jan 2016

The amount of registered gold held in the Comex fell 73% yesterday to 73,980 ounces, the lowest level in 20 years. Registered inventories represents the amount of gold which can be immediately delivered into the market. Prior to 2008 financial crisis the Comex held over 5 million ounces. Yesterday’s fall has to be one of the most surprising movements in the history of the Comex.

The ratio between the number of gold claims to physical gold held at the Comex has exploded to 542 paper ounces.

With stock market volatility set to remain and demand for physical gold, could the decline in registered gold inventories be the start of the end for the Comex being the primary mechanism for setting the global gold price?

Registered Comex silver stocks have also declined drastically over the last 6 months. Currently there is only 36 million ounces available following a 3.2 million ounce withdrawal on the 19th of January.

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