COMEX Gold Inventory
Physical gold stocks in COMEX-approved warehouses
Delivery Notices
Daily Delivery History
What Is COMEX Gold Inventory?
COMEX gold inventory is the total physical gold held in CME Group-approved vaults across the United States. Major depositories include JP Morgan, HSBC, Brink's, and Malca-Amit. The gold is stored as standard 100-troy-ounce bars (with a minimum fineness of .995) or 1-kilogram bars. This inventory backs gold futures contracts and provides a transparent measure of physical supply available in the Western trading system.
Why COMEX Gold Inventory Matters
COMEX gold inventory is a key indicator for understanding physical gold supply and demand in North America. When inventory rises sharply, it often reflects inflows during periods of market uncertainty or ahead of major delivery months. Drawdowns can signal physical gold moving to other markets (particularly London and Shanghai), central bank purchases, or increased investor demand for allocated metal. The 2020 surge in COMEX gold inventory, when it nearly doubled, demonstrated how quickly supply dynamics can shift.
Registered vs Eligible Gold
Registered gold carries an active warrant and can be delivered against futures contracts. Eligible gold meets exchange specifications but is simply stored in the vault without a delivery warrant. The distinction matters because only registered gold is immediately available for futures settlement. A decline in registered gold while eligible remains stable may indicate that vault holders are choosing not to make their metal deliverable, potentially signaling they expect higher prices.
How to Read COMEX Gold Inventory Trends
Focus on multi-week trends rather than daily fluctuations. Compare inventory changes with delivery months on the futures calendar, as large movements often cluster around first notice days. Watch for divergences between price and inventory: rising prices with falling inventory suggests genuine physical tightness, while rising prices with rising inventory may indicate speculative positioning rather than supply constraints.
Frequently Asked Questions
- How much gold is stored in COMEX warehouses?
- COMEX gold inventory varies over time based on deliveries and withdrawals. Levels have historically ranged from around 10 million to over 40 million troy ounces. Check the chart above for the most current figures.
- What causes large changes in COMEX gold inventory?
- Large inflows typically happen when futures traders deliver gold to settle contracts or when banks move metal into COMEX vaults for storage. Outflows occur when holders take physical delivery, move metal to other vaults, or ship gold overseas to meet demand in markets like London or Shanghai.
- Does COMEX gold inventory affect the price of gold?
- COMEX inventory is one factor among many that influence gold prices. Persistent drawdowns can signal tightening physical supply, which may support higher prices. However, gold prices are also driven by interest rates, currency movements, central bank purchases, and investor sentiment.
- Can retail investors take delivery from COMEX?
- Technically yes, but it is uncommon for retail investors. COMEX gold futures contracts represent 100 troy ounces of gold. To take delivery, you must hold a contract through the delivery process and pay the full contract value. Most retail investors access physical gold through dealers, ETFs, or allocated vault programs instead.
- What is a COMEX gold warrant?
- A warrant is a document of title issued by a COMEX-approved depository that represents ownership of a specific quantity of gold stored in the vault. Registered gold has an active warrant that makes it eligible for delivery against futures contracts. When a warrant is canceled, the gold moves from registered to eligible status.