It will take higher prices to move more of the gold from the eligible to the registered, or deliverable, category during this August delivery month.
With fifty potential owners for every ounce put forward for delivery, the COMEX is quite obviously not a market with purchase and delivery of actual metal as its primary objective. I think this may have been sufficient during the long bear market, but with the increased demand for physical gold, the COMEX begins to look out of place.
It seems almost a relic of a type of market that is falling out of favor with regard to physical things, where people are just playing games, placing bids for things which they have no intention of actually buying, most of which are not really being offered for sale.
What would one call that? An ethereal auction? Or a market that has degenerated into just an odd form of gambling plagued by secrecy, imposition, and fraud?
Weighed, and found wanting.
Stand and deliver.
The above chart on ownership per ounce is from Sharelynx.