COMEX Gold Inventory (Latest Warehouse Data)

COMEX gold warehouse stocks represent the physical gold held across a network of exchange-approved vaults, primarily located in and around New York City. These vaults are operated by major financial institutions and independent depository companies. Because the standard COMEX gold futures contract (GC) settles in 100-troy-ounce bars of at least .995 fineness, the vault system must hold bars that conform to these specifications.

Gold in the COMEX vault network is categorized as either registered or eligible. Registered gold carries a warehouse warrant, a transferable title document that makes the metal immediately available for futures delivery. Eligible gold has been assayed and accepted into the vault but is held privately without a warrant. It remains in storage without being available for delivery unless the owner elects to register it.

Unlike silver, where industrial consumption steadily absorbs physical supply, gold is rarely consumed. Nearly all gold ever mined still exists in some form. This means COMEX gold inventory dynamics are driven primarily by investment flows, central bank activity, and changes in how participants choose to store and allocate their holdings between the exchange system and alternatives like London, Zurich, or Singapore.

The COMEX vault network sits at the center of North American gold price discovery. While London dominates the over-the-counter (OTC) physical market using 400-ounce bars, COMEX operates through 100-oz and kilobar contracts that attract a different mix of participants, including managed-money funds, proprietary trading desks, and commercial hedgers. The vault system links these paper markets to physical metal.

Inventory reports are published each business day by CME Group, listing the registered, eligible, and total holdings for each approved depository. Major vault operators include JP Morgan, HSBC, Brink's, Malca-Amit, and Loomis. Movements between vaults, classification changes, and net deposits or withdrawals are all reflected in these daily reports. Because gold can move between London and New York in response to pricing arbitrage or delivery demand, COMEX vault flows often reflect broader shifts in the global physical gold market.

The distinction between registered and eligible gold is an administrative one, not a physical one. Both categories sit in the same vaults, often in the same rooms. The difference is whether a warrant has been issued against the bars, making them available for futures settlement.

An owner can convert eligible gold to registered by requesting a warrant from the depository. This process typically takes one to two business days and involves verifying the bar serial numbers, weight, and assay certificates. Conversely, registered gold can be de-warranted and reclassified as eligible, removing it from the deliverable pool. Large reclassification events sometimes occur when institutional holders adjust their exposure or when delivery demand shifts.

Because converting between categories does not require moving bars, significant shifts in registered versus eligible stocks can happen quickly. A sudden drop in registered gold does not necessarily mean metal left the vault. It may mean the owner withdrew its warrant, effectively pulling the gold out of the deliverable supply while keeping it physically in the same location.

Gold futures are among the most actively traded commodity contracts in the world, with notional values often exceeding the entire physical gold market on a daily basis. The credibility of this paper market rests on the ability to settle in physical metal when demanded. COMEX vault stocks provide the visible backing for that promise.

When deliverable inventory is abundant relative to near-term obligations, the market operates smoothly. Contango (futures trading above spot) reflects normal carry costs and signals that physical supply is readily available. When registered stocks tighten, particularly relative to front-month open interest, the premium structure can shift. Backwardation, where spot exceeds futures, has historically appeared during periods of acute delivery stress.

Central bank purchases, ETF inflows and redemptions, geopolitical disruptions, and arbitrage between the London OTC market and COMEX can all influence vault levels. The 2020 COVID-period saw unprecedented gold flows into COMEX vaults as logistical disruptions briefly disconnected New York and London pricing, a reminder that physical supply constraints can surface even in the deepest and most liquid precious-metal market.

The standard COMEX gold futures contract (symbol GC) represents 100 troy ounces and is deliverable in bars weighing approximately 100 oz each, with a minimum fineness of .995. Delivery is initiated through the issuance of delivery notices, starting on first position day (the business day before first notice day of the contract month).

When a short position issues a delivery notice, the exchange matches it with an eligible long position. The long receives a warrant representing specific bars in a COMEX vault. No gold moves physically during this transfer. Ownership changes through the warrant system, with the receiving party free to hold, sell, or withdraw the metal.

Gold delivery volumes on COMEX can be substantial. In active delivery months (typically February, April, June, August, October, and December), tens of thousands of contracts may stand for delivery. Each contract represents 100 oz, so a month with 20,000 deliveries would transfer ownership of 2 million ounces. The scale of these deliveries relative to registered inventory is what makes the delivery pressure metrics on this page meaningful.

Several forces cause COMEX gold inventory to rise or fall. Physical deposits occur when participants bring metal into the vault system, often in response to favorable delivery economics or to position for upcoming contract months. Withdrawals happen when holders take physical possession or move gold to other storage locations.

The London-New York arbitrage is a particularly important driver. When COMEX futures trade at a premium to London spot (known as the EFP spread), it becomes profitable to fly gold from London to New York, refine 400-oz London bars into 100-oz COMEX bars, and deliver against futures. This process, which involves refiners and logistics companies, directly increases COMEX vault stocks. When the spread reverses, gold may flow back to London.

ETF activity also affects the broader gold storage ecosystem. Large gold ETFs store metal in the same vault network used by COMEX. When ETFs experience redemptions, gold may be removed from eligible storage or reclassified, impacting total inventory figures even though the metal remains in the same physical location.

COMEX Stress Index for Gold

The Stress Index condenses four physical-market signals into a single 0-to-100 reading. A score near zero implies ample deliverable supply; a score approaching 100 suggests the vault system is under significant pressure. The four inputs and their weights are:

• Coverage ratio (40%) - how much of the outstanding paper gold could be covered by registered inventory
• Inventory trend (25%) - the 30-day percentage change in registered gold
• Paper leverage (20%) - the ratio of total open interest (in ounces) to registered stocks
• Vault outflows (15%) - net 30-day change in total warehouse holdings

Coverage Ratio Calculation

• Above 30% - Comfortable: registered supply comfortably exceeds near-term paper claims
• 15 to 30% - Tight: deliverable supply is sufficient but leaves limited margin for surprise demand
• Below 15% - Stress: registered gold covers only a small fraction of outstanding contracts

Where This Data Comes From

All figures on this page derive from two primary CME Group data sets: the daily COMEX Gold Stocks Report and the daily futures and options combined report. Warehouse data reflects end-of-day balances at each approved depository. Futures data includes per-contract open interest, daily volume, and settlement information.

The standard COMEX gold contract (GC) represents 100 troy ounces. Micro gold contracts (MGC, 10 oz) and other variants are excluded from delivery pressure calculations because their delivery volumes are negligible relative to the standard contract.

Metrics such as the stress index, coverage ratio, and depletion estimates are derived calculations. They are updated each business day as new exchange data becomes available and may be subject to minor revisions if the source data is corrected by CME Group.

Gold vs Silver Contract Differences

The COMEX gold contract (GC) and silver contract (SI) differ substantially in size and market structure. Gold contracts represent 100 troy ounces each, while silver contracts represent 5,000 troy ounces. This size difference means that open interest in gold contracts translates to far fewer ounces per contract, but at a much higher dollar value per unit.

Gold delivery typically involves 100-oz bars with minimum .995 purity. The gold market is significantly more liquid and has deeper institutional participation, including central banks, sovereign wealth funds, and large ETFs. These structural differences mean that coverage ratios and stress levels for gold should be interpreted in the context of the gold market specifically, not compared directly to silver.

What does COMEX gold inventory actually measure?

It measures the total troy ounces of physical gold bars stored in CME-approved depositories in the New York area. The figure is broken into registered (warranted for delivery) and eligible (stored but not warranted). Together they form the visible gold backing for COMEX futures.

When is the warehouse report published?

CME Group releases the Gold Stocks Report after each trading session, typically between 6:30 and 7:30 PM Eastern Time. The report reflects holdings as of the close of business that day. Weekend and holiday data is carried forward from the last business day.

What is the difference between registered and eligible gold?

Registered gold has a warehouse warrant attached, making it immediately deliverable against futures contracts. Eligible gold meets COMEX bar specifications and is stored in an approved vault, but the owner has not issued a warrant. Eligible gold can become registered within one to two business days if the owner requests it.

Why did COMEX gold stocks surge in 2020?

During the early COVID-19 pandemic, flight disruptions and refinery closures created a temporary disconnect between London spot gold and COMEX futures. The resulting premium on COMEX made it profitable to ship gold from London, refine it into 100-oz bars, and deposit it into COMEX vaults. Stocks rose from roughly 8 million ounces to over 37 million ounces within months. Much of that inventory has since been withdrawn as the arbitrage closed.

How does the London-COMEX relationship work?

London is the world's largest OTC gold market, trading 400-oz bars. COMEX is the primary futures exchange, using 100-oz bars. When the COMEX futures price trades at a premium to London spot (the "EFP spread"), arbitrageurs ship and refine gold from London to New York. When the spread narrows or inverts, flows can reverse. This relationship is a key driver of COMEX inventory changes.

Do central banks affect COMEX gold stocks?

Central banks are the largest holders of physical gold globally, but they typically do not store bullion in COMEX warehouses or participate directly in futures delivery. However, their buying and selling activity influences the broader physical market, which in turn affects the flow of metal into and out of the COMEX system indirectly.

What is the EFP in gold trading?

EFP stands for Exchange for Physical. It is a privately negotiated transaction that swaps a futures position for a physical position (or vice versa). The EFP spread between London spot and COMEX futures is closely watched because it signals the profitability of moving gold between the two centers, which directly affects COMEX inventory.

How many ounces does one COMEX gold contract represent?

The standard COMEX gold futures contract (GC) represents 100 troy ounces. At a gold price of $3,000 per ounce, that is $300,000 of notional value per contract. CME also offers a micro contract (MGC) at 10 ounces, but standard GC contracts dominate delivery activity.

What are the active delivery months for gold?

Gold futures list contracts across all calendar months, but the most actively traded delivery months are February, April, June, August, October, and December. These "even months" attract the bulk of open interest and delivery activity. Odd months tend to have minimal volume and negligible deliveries.

Can a drop in registered gold mean something other than withdrawals?

Yes. A decline in registered gold can result from de-warranting, where the owner removes the warrant but leaves the bars in the vault. The gold reclassifies from registered to eligible without physically moving. True withdrawals (metal leaving the vault) are recorded separately in the depository detail reports.

How do gold ETFs relate to COMEX inventory?

Large gold ETFs such as SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) store metal in the same vault infrastructure used by COMEX. When investors create or redeem ETF shares, physical gold enters or leaves these vaults. While ETF gold is not classified as COMEX registered inventory, the shared vault network means ETF flows can influence total COMEX eligible stocks and the broader physical supply picture.