Potential claims against deliverable supply on the COMEX remains elevated at about 52 per ounce as the Exchange muddled through the end of the August delivery period.
The claims spread out over every available ounce stored at COMEX warehouses, whether it is for sale or not, is also high at 5.46 per ounce. There is an incentive to store one's bullion in a registered COMEX warehouse because one does not have to go through the re-evaluation process and expense if they decide to sell their gold bullion there.
It will take higher prices to encourage eligible bullion into the deliverable category.
