In a surprising update, there were two large gold withdrawals from the Comex on Friday. Not only were these large withdrawals, they came from Brinks and Scotia Mocatta’s Registered inventories. Even though the Comex holds a total of 7.7 million ounces of gold, only 10% of this amount is stored in the registered category.
On Thursday, Brinks held 257,290 oz of gold and Scotia held 339.993 oz in their registered inventories. Then on Friday, when CME Group released an update on its Comex gold warehouse stocks, Brinks registered inventories declined 62,259 oz and Scotia Mocatta fell 87,849 oz.
In one day, Brinks registered gold inventories fell 24% and Scotia Mocatta’s dropped 26%. While both of these depositories experienced a large percentage decline of their registered gold inventories, it impacted Brinks a great deal more than Scotia.
This post was published at SRSrocco Report on December 6, 2014.
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