"What is apparent though from the figures showing the rundown of COMEX 'Registered' stocks is that physical gold is indeed flowing out - mostly to Europe for re-refining into smaller sizes and then shipped to the big markets in Asia and the Middle East which are absorbing huge quantities of gold. Certainly the gold in the 'Registered' category can be supplemented by metal from the 'Eligible' category - as has been seen recently with big transfers from the JP Morgan vaults - so a default position is unlikely to be attained. But no-one seems to be able to say for sure what proportion of the 'Eligible' stock position is truly available to be thus moved.
So yes, there is truth in both arguments relating to the COMEX stock position. "
