COMEX Gold Registered Stocks Hold Near 14.78M oz

Readers keep asking about a single tier of the COMEX gold report: the registered, deliverable metal. The answer this week is that it barely moved. Deliverable gold changed 41,582 oz to 14.78M oz, a 0.3% decline.

What the registered number actually says

The gold available to hand to buyers slipped 41,582 oz this week to 14.78M oz, a drop of 0.3%. The total metal sitting in COMEX vaults barely moved, off 0.2% to 27.07M oz. Put those two together and only 55% of the vault is free to deliver. At the spot price of $4,162 an ounce, that weekly swing is worth roughly $173M. None of this is a directional move. It is a flat week in the deliverable tier, which is worth stating plainly against the noise that surrounds every delivery month.

Silver's deliverable ratio is far lower

The contrast with silver is the more useful data point. Silver available to hand to buyers rose 3,334,822 oz this week to 96.34M oz, up 3.6%, while total vault silver moved up 1.3% to 330.32M oz. That leaves only 29% of the silver vault free to deliver, versus 55% for gold. The silver swing is worth about $202M at a spot price of $61 an ounce. The Desk tracks that deliverable-share gap because it tells you which metal has more of its stated inventory actually committed for delivery, and which is sitting as unwarranted stock.

The energy backdrop the same week

For readers watching the wider physical picture, the petroleum data as of Jul 10, 2026 rounds it out. The US Strategic Petroleum Reserve sits at 316.5 M bbl, near its lowest level in 44 years. Cushing, Oklahoma, the physical delivery point for the US oil benchmark, sits at 20.0 M bbl, toward the low end of the last 22 years. Commercial crude, the everyday working supply, sits at 409.7 M bbl, around the middle of its 44-year range. These are separate markets from the metals vaults, but the theme is the same: the paper price and the physical tank levels are two different readings.

What to watch

The number to keep on screen is the deliverable share, not the headline vault total. Gold held 55% deliverable this week and silver held 29%. A flat week in registered gold is not a story on its own, but a persistent slide in the deliverable percentage while total stocks hold flat would be. Watch whether the 55% figure holds, drifts, or firms as the delivery calendar rolls forward.