COMEX gold inventory saw significant changes over the weekend, with eligible gold sharply decreasing

⑴ COMEX gold inventories underwent significant changes over the weekend. ⑵ Eligible gold inventories plummeted by 4 million ounces, dropping to 8.2 million ounces. ⑶ This means 4 million ounces of physical gold were withdrawn or transferred from COMEX facilities. ⑷ The market speculates that the gold may have flowed to locations such as London or India, moving out of the conventional delivery system. ⑸ From a market perspective, the rapid decline in eligible inventories could tighten deliverable supply and amplify volatility in the futures-spot price spread; it is important to monitor the direction of inventory flows and their impact on the gold price structure going forward.