COMEX Precious Metals Stocks Not "Low" ... Yet

``So even after that COMEX stock drop in gold, we still have a coverage ratio that is way above that which applied in the 1980 bull and which is not down much on 2012. The current coverage of around 20% also needs to be kept in context of the percentage of open interest which stands for delivery, which for gold and silver over the past five years averages between 2% to 4%. So it looks like COMEX has plenty of stock on a historical basis.'' -- Right; in our view, what has been driving the physical "panic" is people withdrawing from physical "allocated" accounts (such as the ABN Amro storage program which defaulted a few weeks ago), not from the futures market, which is a veritable video game arcade, with few seriously venturing in in expectation of getting physical metal.