Definitions of the terms used across our Gold, Silver and Hong Kong Gold dashboards.
The primary US futures exchange for metals, operated as part of CME Group. Gold and silver contracts are traded and physically delivered through COMEX-approved vaults.
Used in: Monthly Monitor and Snapshot dashboards for all markets.
The parent exchange operator that runs COMEX (among other markets). Cited as the data source for the futures and inventory figures shown on the dashboards.
Used in: Chart captions and source lines across the site.
The number of futures contracts whose holders have chosen to take (or make) physical delivery rather than close out or roll their position. Rising contracts standing for delivery are a direct claim on registered inventory.
Used in: Delivery Pressure indicator (Monthly Monitor).
Registered inventory divided by total open interest expressed in ounces — Registered / (OI × 5,000). It measures how much deliverable metal stands behind the paper market. A reading below 0.10 is treated as extreme physical stress.
Used in: Indicator 1 of the Silver Stress Dashboard; monitored for all markets.
Contracts standing for delivery divided by registered inventory. Values above 1.50 indicate extreme pressure, meaning more metal is being demanded for delivery than is readily registered.
Used in: Indicator 4 of the Silver Stress Dashboard; Text Insight sections.
Inventory that meets exchange specifications and sits in approved vaults but is not currently registered for delivery. Owners can convert eligible stock to registered when they choose, providing a buffer against delivery demand.
Used in: Total Inventory chart; Text Insight sections.
A unit equal to one million troy ounces, used to express vault inventory and open interest at scale on the dashboards.
Used in: Registered Inventory and Total Open Interest charts.
The total number of outstanding futures contracts that have not yet been settled. Each COMEX contract equals 5,000 troy ounces, so open interest can be converted to ounces as OI × 5,000.
Used in: Total Silver Open Interest chart; Coverage Ratio calculation.
Inventory that is warrantable and available for delivery against futures contracts. A shrinking registered stock is a key sign of physical-market tightness.
Used in: Registered Inventory chart; Coverage Ratio and Delivery Pressure indicators.
The standard unit of weight for precious metals, equal to approximately 31.10 grams. One COMEX contract represents 5,000 troy ounces.
Used in: Contract definitions and all inventory figures.
The change in a metric measured from the start of the current calendar year to the latest data point, shown next to each headline figure on the dashboards.
Used in: Latest-value callouts on every indicator.