What Is COMEX Inventory?
COMEX (Commodity Exchange) is the world's largest precious metals futures exchange, operated by the CME Group. COMEX-approved depositories — including vaults operated by JP Morgan, Brink's, HSBC, and others — store physical gold and silver that backs futures contracts.
Inventory is categorized as Registered (metal with warrants that can be delivered against futures contracts) and Eligible (metal that meets exchange standards but has no warrants — it cannot currently be delivered). Changes in these categories can signal shifts in physical demand and supply.
The coverage ratio — registered inventory divided by open interest — measures how many ounces are available per outstanding futures contract. When this ratio falls below historical norms, it can indicate increased risk of a delivery squeeze.
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