from TF Metals Report:
While much has been made about the record low Comex registered gold inventory, we’ve also been following a slow-motion “run” on the gold vaults of Scotia Mocatta. Could this be evidence of failing confidence in the bullion bank system?
First, a reminder of what the terms “eligible” and “registered” mean:
Gold held in the eligible category is gold that meets the exchange requirements. Eligible gold is simply the gold that is stored in Comex warehouses. The Banks store/vault this gold for private clients and this gold is NOT available for immediate delivery to futures contract holders.
Registered gold means that the gold has been certified to meet the exchange standards for purity and size. Registered gold is deliverable or available for delivery to a long contract holder standing for bullion delivery.
OK? Then let’s get started. No sense spending a lot of time with speculation. Instead, we’ll just give you the numbers and let you decide for yourself.
The oldest CME Gold Stocks report we could find in our files is from almost exactly two years ago today and dated September 30, 2013. Note the size of Scotia’s registered, eligible and total vault. (For fun, you might also note registered gold total for all six depositories. See the blue arrow.)
As you can see, two years ago The Scoche reported to have holdings of 168,579 ounces of registered gold and 2,820,376 ounces of eligible gold for a total vault of 2,988,955 troy ounces or about 93 metric tonnes of gold.
OK, with that report as a reference, let’s fast forward a few months to the report dated January 13, 2014. As you can see below, Scotia’s vault is down a little bit. Registered gold is just 88,532 ounces and eligible is 2,524,008 ounces for a total vault of 2,612,540 troy ounces or a little over 81 metric tonnes.
Moving forward, our next snapshot is dated August 12, 2014 and, WOW, look at the change! Scotia’s registered vault has soared to 303,091 ounces and it’s eligible vault is back up to 2,748,423 ounces. This brings the total vault up to a whopping 3,051,514 troy ounces or nearly 95 metric tonnes of gold. (Also note that the TOTAL Comex registered vault has grown to 1,106,902 ounces.)
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