COMEX Explained
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.
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Live registered & eligible ounces, coverage ratios, and delivery risk — updated every 4 hours.
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 is COMEX?
COMEX (Commodity Exchange) is the world's largest precious metals futures exchange, operated by CME Group. It facilitates trading of gold, silver, copper, and platinum futures contracts. COMEX-approved depositories store the physical metal that can be delivered against futures contracts.
What is the difference between registered and eligible inventory?
Registered inventory has warrants and can be delivered against futures contracts — it's the 'available' supply. Eligible inventory meets exchange standards but has no warrants — it's stored in COMEX vaults but isn't available for delivery. Think of registered as 'for sale' and eligible as 'parked.'
What is the COMEX coverage ratio?
The coverage ratio is registered inventory divided by open interest (outstanding futures contracts). When this ratio falls below historical norms, it means there are many more paper claims than available physical metal — a potential delivery squeeze scenario.
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.
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