Time for a gold and silver stock update at the COMEX.
In a previous article I noted that silver stocks were historically low. But recently silver stocks have been rising at the CME, which isn't bullish for the silver price. It means that silver isn't being used as much as a month ago, indicating a slowdown in the economy (Chart 1). Silver has been stocked up in the warehouses.
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| Chart 1: CME/COMEX silver stock (Troy ounces) (red eligible, blue registered, green total) |
As for the gold stock, the total amount of stock at the COMEX has been flat for a month now (Chart 2). If we compare gold stocks against silver stocks, this means that gold is doing much better than silver in strength.
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| Chart 2: CME/COMEX gold stock (Troy ounces) (red eligible, blue registered, green total) |
Notable is the little spike in registered silver on Chart 1 in the beginning of May, and the little spike in registered gold on Chart 2 in the beginning of June.
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