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

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.

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Paper Silver
Guest

IMO; COMEX/LBMA inventory data is essentially meaningless when multiple years worth of Silver Production can be dumped onto the market any week with just a few keystrokes on a computer… just as a recent example look at the failed COMEX analysis by Harvey Organ and Bill Holter about their big Sovereign theory crushing the COMEX in this December…. why anyone would rely on COMEX data is beyond me – even the COMEX issued a press release not long ago saying their data may be inaccurate and cant be relied upon.

Doug
Guest
Doug

Good stuff, PS. Every time I see people talk about game changers/end games, I have seen time come and go with no collapse. Not only the open interest issue, but also with the opening of the Shanghai exchange. I agree 100% we are doomed to failure, but it never ceases to amaze me how TPTB can pull a rabbit out of a hat more often, and much longer than one would think. One thing I do believe when it comes to Bill anyway, is that he is a smart SOB and will be proven right before too long.

Paper Silver
Guest

Listen to what Chris Powell says in regards to a solution for Russia’s economic woes …. if Russia started demanding their Energy exports be paid for in Gold (even just like 20% in Gold) …. that would be an instant game changer as there wouldn’t be enough inventory of metal flowing towards the COMEX/LBMA to cover the massive perpetual short positions…

http://youtu.be/Bc7Urzm0QE8?t=13m30s

Paper Silver
Guest

I wonder why all the sudden there’s been this recent pick-up in Gold repatriation efforts lately?…. could it be? – no, that’d just be kooky conspiracy theory talk!, lol…

http://youtu.be/Bc7Urzm0QE8?t=13m30s

gig
Guest
gig

IMHO there is really only one dollar in this world and it moves very fast.
If anyone grabs hold of it, the gigs up!

Paper Silver
Guest

Another interview between Powell & Keiser … some interesting discussion;

http://youtu.be/Vj4sWc2xh-Q?t=13m50s

judejin
Guest
judejin

rothschild or whoever controls everything is famed to be financing and controlling both sides of past great wars, basically dictating moves by both sides. while the fiat players seem to be gaining an upper hand for now, suppressing gold price and punishing russia, one swift and sudden checkmate by russia could tip the balance of power once and for good. russia could demand gold for energy overnight! this move could then by immitated by other energy exporting countries like UAE, which has very little gold in its FX reserve. european countries’ sudden eager to expatriate gold could be tip-off to… Read more »

Paper Silver
Guest

Gold Drain at the New York Fed: Where’s It Going?…. Earmarked gold dropped 42 tonnes for the month of October as foreign countries repatriate their gold home…. this was the largest monthly drawdown in 13 years and the largest series of drawdowns since 2007 ….. http://globaleconomicanalysis.blogspot.ca/2014/12/gold-drain-at-new-york-fed-wheres-it.html For the math challenged; 42 tons equals roughly 1.5 million ounces – which is twice as much as the COMEX “ALLEGEDLY” has in it’s registered category…….. so while the Daytraders continue to get whipsawed in a shell game over an alleged 770,000 ounces of registered inventory that can’t even be validated – aprox. 8… Read more »

Tas
Guest

Paper You are exactly right. We are selling gold and silver, feverishly with reckless abandon, as fast as we can, driving price down so that China, Russia and India can load up. Is this the NEW capitalism? Take the riches from land of the free and engineer a way to give our wealth to the east at a huge discount. Now we are trying to accomplish the same thing in the oil markets. China is buying as we try every way possible to sell them oil at cheaper prices. Hey Obama, here’s a thought, buy back the 35,000,000 barrels of… Read more »

Paper Silver
Guest

BTW Steve…. IMO, Peak Gold is a much more real and pressing issue than Peak Oil ….. many of the world’s few remaining mega-sized Gold deposits are located in environmentally sensitive or politically sensitive area’s ….. and many of the mega-projects have been stalled in the permitting & environmental review process….. and unlike the energy business, the mining industry hasn’t figured out new ways of fracking, boiling, or compressing new Gold from ore.

Paper Silver
Guest

Although; Peak Cheap Oil could become a very big deal quickly if the big oil transportation corridor canals were somehow blocked.

bob
Guest
bob

LISTEN UP

IN THE 1960’S PEOPLE STARTED HORDING SILVER COINS. THE US MINT STRUCK MASSIVE AMOUNTS TO KEEP THEM IN CIRCULATION. THEY HAD TO GIVE UP AND MADE TOKENS.

IN THE LATE 1960’S SOME COUNTRIES DEMANDED GOLD FOR THEIR CURRENCY. THE US GOV SAID THEY COULD CONVERT INDEFINITELY. THEY HAD TO GIVE UP.

TODAY, EVERYONE IS SAYING YOU CAN TAKE DELIVERY OF ALL THE PM’S YOU WANT. THERE IS A PATTERN HERE. IT CAN’T GO ON VERY MUCH LONGER.

Paper Silver
Guest

Lets just use a rough number of 225 tons of REAL GOLD BULLION per month being imported into China&India …. if tracking was to start tomorrow, it would only take China&India 36 months to completely drain the US Govt’s Gold reserves….. considering China&India have been chewing thru a substantial amount of REAL GOLD BULLION inventory over the past few years they’ve probably already consumed aprox. 99% the German Gold held at the FED, and probably the Gold of a few other smaller Sovereigns lately too.

silverfreaky
Guest
silverfreaky

It looks really bad with the miner stocks.I think the bottom is not reached.

Paper Silver
Guest

Well, well, well………. I just came across an interesting little article during my research into the possibility of Russia moving towards a Gold Petro Dollar …. the article is an interesting read, however, little of the speculative points in the article can be verified as of now – but a very interesting read;

http://www.gold-eagle.com/article/grandmaster-putins-golden-trap

Paper Silver
Guest

Another interesting tidbit on Russia’s possible movement towards a Gold Petro Dollar;

https://www.youtube.com/watch?v=x9yNJGv1Gmk#t=1850

andrea
Guest
andrea

A few years now i solely rely on my own notion of what to hold and/or buy,and who to believe , what propaganda and fear mongering is to be taken “with a grain of salt”. I do not “invest” since it is impossible to invest in real gold and or silver,not to mention expensive ( as they both are manipulated on paper to infinity), and only believe what i have in my hands. Only believe what you see happening and the “news sources” of reputable source’s you deem believable , and just stay educated on what your local government is… Read more »