The Deliverable supply of gold according to the Commodities Exchange (COMEX) and CME = Registered + 50% of Eligible.
This means that there is far less gold than imagined in COMEX vaults to meet gold futures contracts deliveries.
CME’s latest letter to the CFTC, dated 9 December 2024 (after the NY-LN spread had already started to blow out), says that: “Deliverable supply is calculated as the sum of total reported registered gold with total reported eligible gold, after taking a 50% discount for eligible gold.”
Out here in the real world, this means that , based on the latest CME Gold Stocks report of 28th March, instead of 22.75 million ounces of registered and 20.59 million ounces eligible (for a total of 43.34 million ounces (434,300…
