Just a small update on COMEX, we are still at record high leverage in paper gold for the year (chart below). Which means a bottom in precious metals.
Gold registered stock (blue) at lows. So we know there isn't a lot of gold left in COMEX and they are doing transactions in kilobars which is odd, because that is an Asian thing as China wants kilobars. But additionally we see an interesting trend change in silver.
Over the same timeline, we see lower registered silver stocks (blue chart below).
What might this mean? Are we so low on gold at COMEX, that we are taking on silver stock now? Let's monitor this some more and see what happens.