……the large decline in registered stocks caused the owners-per-registered ounce ratio to jump to its highest ever at 91.8 and approaching the unbelievable 100 owners-per-registered ounce level. Let us repeat that – it means that for every 91 ounces of contracted gold only ONE ounce is actually available for delivery. This is really uncharted territory and shows the vast amounts of claims that are now present on fewer and fewer ounces of registered gold – 100 claims per ounce is high by any historic standard.


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