Weekly COMEX Gold Inventories: Slight Rise In Registered Gold But Claims Still Close To 80 Owners Per Ounce

Dec. 30, 2013 2:12 AM ETAEM, NEM, AG, PHYS, CEF, GLD20 Comments
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Last week we saw COMEX registered gold inventories drop to their lowest level ever and the claims on each registered ounce rise to a stunning 92 owners-per-registered-ounce, this week's action was much quieter and registered gold inventories by a little over 60,000 ounces on the week. Most of this action was seen in the Scotia Mocatta and Brink's warehouse accounts, as it was quiet elsewhere - especially the JP Morgan (JPM) warehouse which we've been keeping an eye on because of their stopping (requesting delivery) of a lot of COMEX gold contracts over the last month.

Keeping track of COMEX inventories is something that is recommended for all serious investors who own physical gold and the gold ETF's (SPDR Gold Shares (GLD), PHYS, and CEF) because any abnormal inventory declines may signify extraordinary events behind the scenes that would ultimately affect the gold price.

Source: ShareLynx

We will take a closer look at these numbers but let us first explain the COMEX a little more for investors who are unfamiliar with it.

Introduction to COMEX Warehousing

COMEX is an exchange that offers metal warehousing and storage options for its clients. The list of their silver warehouses can be found here and their gold warehouses can be found here. In the case of silver and gold, the metal is stored at these official warehouses on behalf of banks and their clients and can be used to settle futures contracts, transferred between clients, or withdrawn from the warehouse. This offers large holders of precious metals a convenient way to store their metal with minimal storage fees - very convenient indeed if you hold large amounts of gold or silver and you don't want to store them in your basement.

Silver and gold stored in these warehouses can fall into two categories: Eligible and

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