comex positioning · Gold

Open Interest / Registered Inventory Ratio

Futures open interest relative to registered inventory (existing methodology).

STALEUpdated when both open interest and registered inventory are verified.·Source: Derived from CFTC COT and CME Gold Stocks

Current Reading

Current reading unavailable

Unavailable

Current reading unavailable

Observed: No verified current value is available for public display.

Interpretation: Use the definition, methodology, and related metrics below. Do not infer a reading from missing data.

Historical Chart

Chart range uses verified stored history. Visualization and analysis: Grey Rabbit Markets. Data: Derived from CFTC COT and CME Gold Stocks.

What Is It?

Open interest contracts relative to registered inventory, converted consistently: OI_contracts ÷ (registered_oz ÷ 100).

Why It Matters

A higher ratio means more futures exposure relative to registered stock — a stress/context indicator, not a default probability.

How to Interpret It

Rising: OI / registered ratio rising — more futures exposure per unit of registered stock.
Falling: OI / registered ratio falling — less futures exposure relative to registered stock.
Elevated: Ratio elevated versus recent history.
Subdued: Ratio below its recent average.
Most contracts are not settled through physical delivery.
Do not treat the ratio as a default probability.
Exact formula: open_interest_contracts / (registered_oz / 100).

Limitations

Not a probability of delivery default.
Depends on both CFTC open interest and CME registered inventory quality.
Alarming labels without documented thresholds are avoided.

Open Interest

Outstanding COMEX gold futures contracts not yet closed or settled.

COMEX Registered

Warranted gold available for delivery against COMEX futures.

Delivery Notices

Notices associated with futures delivery activity during the delivery process.

Source and Methodology

Visualization and analysis: Grey Rabbit Markets
Data: Derived from CFTC COT and CME Gold Stocks
Update frequency: Updated when both open interest and registered inventory are verified.
Unit: ratio
Verification: verified
Source link: Official provider

Formula (unchanged): computeOiRegisteredRatio(OI, registeredOz) = OI / (registeredOz / 100).
100 oz per COMEX gold contract.

New to this metric?

Registered vs Eligible

Registered metal carries a warrant for futures delivery. Eligible metal meets exchange standards but is not currently warranted. Metal can move between the two categories.

Open Interest

Open interest counts outstanding futures contracts. It reflects paper exposure, not physical holdings, and is not inherently bullish or bearish.

Gold ETF Holdings

Holdings measure metal backing ETF shares. Monthly flows measure net changes in those holdings — they are related but not interchangeable.

Central Bank Gold Demand

Official-sector purchases provide sovereign demand context. Reported figures may lag and can be revised.

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Current Reading

Historical Chart

What Is It?

Why It Matters

How to Interpret It

Limitations

Related Metrics

Source and Methodology

New to this metric?

Registered vs Eligible

Open Interest

Gold ETF Holdings

Central Bank Gold Demand