COMEX Gold Inventories Plummet

Mints, Refineries, Brokerages Out Of Stock - COMEX Gold Inventories Plummet

Today’s AM fix was USD 1,462.25, EUR 1,123.43 and GBP 947.79 per ounce.
Yesterday’s AM fix was USD 1,446.50, EUR 1,107.07 and GBP 937.64 per ounce.

Gold climbed $33.90 or 2.37% yesterday to $1,464.30/oz and silver surged +4.83%.

Gold has surged 4.9% in dollar terms so far this week and is headed for its biggest weekly gain in one-and-a-half years. Gold has recovered in all currencies and is up by 4.8% in euro terms and 3.7% in sterling terms.

Therefore, gold has recovered nearly half of its recent sharp decline and is now just 7% below its price ($1,560/oz) prior to the futures induced sell off on April 12th and 15th.

GoldCore Market Performance Table

The manipulated sell off on the COMEX has led to bargain hunting and a surge in physical coin and bar buying internationally. Gold bullion inventories on the COMEX are being depleted rapidly (see chart and data below) and certain bullion products are either out of stock or production and distribution has been suspended.

The gold sell off has stoked a frenzy among coin, bar and jewelry buyers from China to India and the U.S. and Europe.

Government mints and refineries around the world have confirmed that demand for bullion coins and bars is surging and they are struggling to keep up with the demand as are brokerages who are running out of stock, particularly of smaller coins and bars.
Gold Prices and US Mint Gold Coin Sales (1 Year)
Gold Prices and US Mint Gold Coin Sales (1 Year)

COMEX gold inventories are registered gold bullion bars that meet the standards for delivery under gold futures contracts and for which a receipt from an Exchange-approved depository or warehouse has been issued.

JP Morgan’s eligible gold inventories fell by more than 70% this week which suggests there may be supply issues in the larger London good delivery gold bar market also. This is important to keep an eye on next week.

The death of the gold market is greatly exaggerated and gold’s long term secular bull market is set to continue due to very large and increasing physical demand for bullion internationally.

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