COMEX Needs Much More Registered Gold For February
This February will be a very exciting month at the COMEX. In February 2012 13,910 contracts filed notice on first notice day and 13,063 contracts ultimately settled with 1,306,300 ounces of gold. Although open interest is about 15% lower this year than last, February should still prove to be a very exciting month because the COMEX has only 370,137 registered ounce of gold in inventory as of Thursday January 18th. At this time last year, registered inventory was 2,276,000 ounces.
Eligible Inventory Available for Registered - At What Price?
COMEX has over 7 million ounces of eligible gold in inventory that can be quickly converted to registered by creating a warrant. Eligible gold owners will be able to demand higher prices for their gold. This is very bullish for physical gold. Although paper gold prices are another story and may not immediately react.
My first post on this topic has a bit more background:
OI for February Contracts down 17% from Huge Last Year
Last Friday, the third Friday of January the total open interest (OI) in gold futures on the COMEX was 415,680 contracts of which 155,185 were for February expiry. Total OI is down about 8% from this time last year and OI in February contracts is down about 17%. Although the amount of February contracts is a bit lower the trend in January with 12 trading days behind us is following that of last year. OI has been 10-15% less than prior year for the last several months, at least which is as long as I have been closely tracking the data.