Comex Gold registered stocks fall to new lows causing the Owners Per Ounce metric to rise to new extreme highs.
More gold is needed to cover.
Here you can see Registered Stocks (available for delivery) declining to almost nothing.
And in the bottom panel of the chart that shows the daily changes you can see a lot of churning of late.
This is indicative of physical stocks normally dormant being juggled to fill positions.
Again the churning stands out loud & clear.
Eligible Stocks - not currently available for delivery.
Registered Stocks - available for delivery