Comex Warehouses: Registered Inventory Potential Claims Still Historically High 80 to 1

January is a non-active month, and overall inventories are adequate. 

Those who hold bullion will need some incentive to move it to the deliverable, registered category for February, which is often a significant physical delivery month.

But all in all, the Comex is now the tail wagging the dog, the paper sideshow to the real bullion markets which are moving East.