COMEX gold stocks up 0 oz on Jul 9 from previous day

As of July 9th, 2025, the total inventory of gold on the COMEX, measured in troy ounces, reached a record of 36,876,794.43 ounces, marking an increase of 0 ounces from the previous day. In the most recent week, gold stocks on the COMEX have decreased by a cumulative total of 1,714,056.53 ounces, representing a decline of 0.46%. In the last month, gold stocks on the COMEX have decreased by a cumulative total of 1,221,624.24 ounces, representing a decline of 3.21%. Historical data shows that since July 11th, 2022, the gold inventory on the COMEX has ranged from a high of 45,071,696.43 ounces to a low of 16,898,041.50 ounces. The average value has been 23,843,880.579521276596 ounces. The current inventory of 36,876,794.43 ounces is 35.34% above the average.

The COMEX gold inventory reached a record high of 36,876,794.43 troy ounces as of July 9th, 2025, marking a significant increase from the previous day's levels [1]. This inventory surge comes amidst a backdrop of market volatility and geopolitical uncertainties. Despite the record inventory, gold stocks on the COMEX have decreased by a cumulative total of 1,714,056.53 ounces in the most recent week and by 1,221,624.24 ounces in the last month, indicating a 0.46% and 3.21% decline, respectively [1].

The current inventory stands at 35.34% above the historical average of 23,843,880.579521276596 ounces, reflecting the metal's enduring role as a portfolio stabilizer despite short-term price fluctuations. The recent dip in COMEX Gold futures to $3,307.00, an 0.76% decline, has sparked debates about the metal's trajectory. This decline coincided with the dollar's 0.2% uptick, highlighting the inverse correlation between gold and the U.S. currency [1].

Analysts note that the $3,300–3,350 range acts as a battleground, with prices holding above $3,270—a June low—maintaining a bullish bias. However, a sustained breach below this level could test $3,200, where a confluence of moving averages and support lines might absorb further declines. The Relative Strength Index (RSI) currently hovers near 50, signaling neither overbought nor oversold conditions, suggesting investors should prioritize price action over momentum indicators for near-term decisions [1].

Fundamental drivers such as Fed policy, inflation, and geopolitical risks also play a significant role in gold's price dynamics. The Federal Reserve's pause on rate cuts since December 2024 has muted gold's typical safe-haven appeal. Meanwhile, inflation's modest rise to 2.4% in May has not yet reignited demand for gold as an inflation hedge. Geopolitical risks, though persistent, have failed to translate into immediate safe-haven flows, with the U.S.-tariff deadline extension until August 1 dampening near-term uncertainty [1].

The divergence with other commodities like copper and oil, which have fared better, creates an opportunity for contrarians. Gold's underperformance relative to risk-on assets could mean it's pricing in overly optimistic macro scenarios. A resurgence in trade tensions or a Fed policy misstep could realign these trends, rewarding gold bulls [1].

For active traders, COMEX futures offer advantages over ETFs like GLD, including lower carry costs, tax efficiency, and leverage. Futures gains qualify for 60% long-term capital gains treatment, whereas ETFs are taxed as ordinary income. Futures open interest rising to 200,000 contracts signals institutional confidence in their utility for hedging and speculation [1].

Investment strategy involves positioning for volatility and rebound, with entry points around $3,270 where technical support and central bank buying intersect. Hedging long gold positions with short equities can mitigate systemic risk. A 6–12-month view capitalizes on potential Fed dovish pivots or geopolitical flare-ups, with gold maintained at 5–10% of total assets to balance against equities and real estate [1].

In conclusion, COMEX Gold's recent dip is a reminder of its dual nature: a haven asset and a speculative vehicle. While short-term pressures from dollar strength and geopolitical complacency linger, gold's fundamentals support its role as a portfolio diversifier. Strategic investors should view dips below $3,300 as entry points, leveraging futures' cost and tax advantages. As markets parse Fed policy and trade headlines, gold's volatility may persist—but so will its value in weathering uncertainty [1].

References:
[1] https://www.ainvest.com/news/gold-volatile-dance-navigating-comex-declines-shifting-markets-2507/