09 September 2013

Deliverable Gold Bullion on the COMEX Continues Its Decline - Claims Per Ounce Top 56

About 17,000 ounces of gold were taking out of the COMEX registered bullion stocks on Friday. 6,319 ounces were changed from registered to eligible at JPM, and 10,705 ounces were taken out of Brinks altogether.

Total registered (designated deliverable) ounces of gold bullion at all COMEX warehouses dropped to a new low of 669,610 ounces of real gold bullion.

Total gold bullion of all types in storage at COMEX designated warehouses remains at a little over 7 million ounces.

As it says on their own spreadsheet, the COMEX believes these bullion reports are from reliable parties, but assume no liability for their accuracy or for any counterparty risk.

More charts such as claims per ounce will be added to this post as they become available.

Higher prices will most likely be required to motivate title holders of eligible bullion to move it into the deliverable category, so that it can be sold by the bullion dealers.

And those 100 oz. bars of fine gold that are delivered and removed will probably end up being refined and recast into 400 oz. bars in Switzerland, and shipped to the East, not to return to the COMEX and LBMA paper claims bullion game of musical chairs for a long, long time. And that is going to become a problem in the not too distant future.

Weighed, and found wanting.

Stand and deliver.