What Is COMEX?
Everything you need to know about the world's largest precious metals exchange — vault mechanics, inventory tracking, delivery risk, and what the data means for gold and silver prices.
Quick Answer
COMEX is the primary exchange for gold and silver futures, operated by CME Group. Its approved vaults hold physical metal categorized as "registered" (available for delivery) and "eligible" (stored but not deliverable). Tracking inventory levels and the coverage ratio — registered ounces vs open interest — reveals how much physical metal backs the paper contracts traded every day.
Track COMEX Inventory
Inventory tracker
Registered and eligible ounces, refreshed every 4 hours from approved depositories.
Deep Dives
COMEX Registered vs Eligible
What's the difference and why it matters for silver and gold.
Is a COMEX Vault Run Possible?
What the data shows about potential delivery squeezes.
COMEX Default Risk
Separating fact from conspiracy — a data-driven analysis.
COMEX Open Interest Explained
What rising and falling open interest means for silver.
How COMEX Delivery Works
A step-by-step guide to the delivery process.
COMEX vs LBMA
How the two biggest gold and silver markets differ.
COMEX Futures Explained
A beginner's guide to paper gold and silver.
The History of COMEX
From open outcry to digital vaults.
COMEX Inventory Charts
How to read warehouse stock data like a pro.
Frequently Asked Questions
What does COMEX stand for?
Commodity Exchange (CME Group)
What is the difference between registered and eligible inventory?
Registered metal has a warrant and can be delivered. Eligible metal meets exchange standards but has no warrant. How to read that split is in COMEX Registered vs Eligible Inventory. COMEX Registered vs Eligible Inventory
Can COMEX run out of silver?
While unlikely, COMEX registered silver inventory has declined significantly. If a large number of futures holders demanded delivery simultaneously, it could create a squeeze. The coverage ratio helps track this risk — currently, each ounce of registered silver has multiple paper claims against it.
Get Real-Time COMEX Alerts
Track COMEX inventory changes, coverage ratios, and delivery risk on your phone with AI-powered analysis.