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Scalping & Day Trading

Comex Gold Inventory Delivery Notices and Physical Stock Tracking

Dr. Henrik Lindqvist
Quantitative Econometrician
7 min read June 06, 2021
Executive Brief & Key Answer
Comex's daily delivery notices and warehouse stock reports reveal how much physical gold is actually available for delivery, distinct from the much larger paper futures market.
Fact-checked & verified by Commodities Research Desk Topic: Scalping & Day Trading
Comex Gold Inventory Delivery Notices and Physical Stock Tracking
Institutional Market Desk Scalping & Day Trading

Key Technical Takeaways

  • Comex publishes daily reports on registered (available for delivery) versus eligible (stored but not currently offered for delivery) gold inventory in its approved warehouses.
  • A delivery notice is issued when a futures contract holder chooses to take physical delivery instead of closing out the position before expiration, a small fraction of total open interest.
  • A falling registered-to-open-interest ratio has occasionally drawn attention as a sign that available physical stock is thin relative to the paper claims that could theoretically demand delivery.
  • The vast majority of Comex futures contracts are cash-settled or rolled forward and never result in an actual delivery request, so delivery activity says little about the broader futures price on its own.

The Comex futures market is enormous relative to the physical gold actually sitting in its vaults, and the exchange's own delivery notices and inventory reports are how traders track the gap between the two.

1. Registered versus eligible stock

Comex-approved warehouses report two categories of stored gold: eligible, gold that meets exchange purity and storage standards but isn't currently offered up for delivery, and registered, gold specifically designated as available to satisfy a delivery request. Only registered stock counts toward what could actually be delivered against open futures contracts.

2. What a delivery notice actually represents

When a futures contract nears expiration, a holder wanting physical gold rather than a cash settlement or a rolled-forward position, issues a delivery notice. This happens for only a small fraction of total open contracts, since most market participants use futures for price exposure or hedging rather than to physically acquire metal.

3. Why the registered-to-open-interest ratio gets attention

Comparing registered stock to total open interest gives a rough sense of how much physical gold theoretically backs the paper claims on the exchange. A shrinking ratio has periodically drawn commentary suggesting tighter physical availability, though in practice, most contract holders roll or cash-settle rather than demand delivery, so the ratio is a structural indicator to watch rather than a signal that a delivery squeeze is imminent.

Frequently Asked Questions

The CME Group publishes daily warehouse stock reports showing registered and eligible inventory for gold and other metals on its website.

Not typically on its own. Delivery activity is a small fraction of total futures volume and is usually watched as a structural indicator rather than a direct short-term price driver.

Dr. Henrik Lindqvist

VERIFIED AUTHOR

Quantitative Econometrician

Dr. Henrik Lindqvist has worked extensively in precious metals trading, technical orderflow, and risk modeling. Every guide is reviewed for real-world trading relevance and mathematical consistency before publication.

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