Here are some charts showing the status of the gold bullion in licensed Comex private warehouses.
The decline in 'registered' gold, which is gold marked available for delivery process, is striking.
Rather than 'owners per ounce' I prefer to think about that ratio as 'potential claims per ounce.' That number has declined from the recent spike higher, back to only 386 to 1.
I do not think any rules change is behind this shepherding of gold into the eligible storage, and so much less so as for active delivery. But if there is such a legitimate change I would be glad to hear it.
Until I do, it seems the theory that after a three year bear market in prices with accelerating physical offtake in Asia, gold bullion for sale has been left in relatively strong hands that are not inclined to sell at these prices, or risk an unintentional sale in a short squeeze.