Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 1% and 2% on the Week
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 11 17 2017
By: Ira Epstein

Next-Generation Crazy: The Fed Plans For The Coming Recession
By: John Rubino

COT Gold, Silver and US Dollar Index Report - November 17, 2017
By: GoldSeek.com

Gold Miners’ Q3’17 Fundamentals
By: Adam Hamilton, CPA

Bonfire of the Absurdities
By: John Mauldin

The Social Security Inflation Lag Calendar - Partial Indexing Part 1
By: Daniel R. Amerman, CFA

Rob From The Middle Class Economics
By: Gary Christenson

GoldSeek Radio Nugget: John Williams and Chris Waltzek
By: radio.GoldSeek.com

The Metals Market Is A Mess And Will Likely Continue To Frustrate You
By: Avi Gilburt

 
Search

GoldSeek Web

 
TWO COMEX GOLD DEPOSITORIES: Registered Inventories Decline 25% In One Day


 -- Published: Sunday, 7 December 2014 | Print  | Disqus 

By Steve St. Angelo, SRSrocco Report

In a surprising update, there were two large gold withdrawals from the Comex on Friday.  Not only were these large withdrawals, they came from Brinks and Scotia Mocatta’s Registered inventories.  Even though the Comex holds a total of 7.7 million ounces of gold, only 10% of this amount is stored in the registered category.

On Thursday, Brinks held 257,290 oz of gold and Scotia held 339.993 oz in their registered inventories.  Then on Friday, when CME Group released an update on its Comex gold warehouse stocks, Brinks registered inventories declined 62,259 oz and Scotia Mocatta fell 87,849 oz.

Comex Registered Gold Inventories DEC 4 & 5 2014

In one day, Brinks registered gold inventories fell 24% and Scotia Mocatta’s dropped 26%.  While both of these depositories experienced a large percentage decline of their registered gold inventories, it impacted Brinks a great deal more than Scotia.  If we look at the table below, we can see that Brinks only has a total of 300,571 oz of gold remaining in its inventory:

COMEX GOLD 120514

So, not only did Brinks registered gold inventory fall 24% in one day, its total stocks including its Eligible, fell 17%.  On the other hand, Scotia Mocatta has more than 2.7 million oz of gold in its warehouse.  However, Scotia’s registered gold inventories (252,144 oz) are now less than 10% of its overall warehouse stocks (2,756.816 oz).

Total Comex registered gold inventories are now at 721,123 oz compared to the 7,006,497 oz in the Eligible category.  To understand the difference between the “Registered” and “Eligible” gold inventories, here is a good description from Jesse Cafe Americain Blog (Note: I substituted gold for silver):

“Comex has two categories of silver in its warehouse.

The eligible category means that the gold is in a condition that conforms to the standards of delivery. Size and quality of the bar in other words. It is being stored at the Comex warehouse, but is not offered for delivery into contracts.

Registered means that the gold is available for delivery to those who demand bullion by being registered as such with a bullion dealer, in addition to being in a fit condition to satisfy the contract.

Eligible gold can become registered and deliverable if the owner of the gold declares it saleable at some price. And of course if it is there, and otherwise unemcumbered by senior obligations or conspicuous absence.”

Thus, the five Comex bank depositories only hold 721,123 oz of registered gold bullion that is available for delivery.   Again this is less than 10% of the total gold inventory held at the Comex.

Of course, we could see future transfers of gold from Eligible to the Registered category, but I would imagine investors who are storing their gold at the Comex, may be less inclined to give up their physical gold for a paper receipt when conditions in the financial markets deteriorate.

Please check back for new updates and articles and the SRSrocco Report.  You can also follow us at Twitter below:

SRSroccoReport Twitter Button


| Digg This Article
 -- Published: Sunday, 7 December 2014 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2017



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.