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added:
You only own the goods that your Traders have bought and not sold yet to another city. That is your money is tied up in those goods being carried by your Traders. All other goods do not tie up your money.
I think that in GAM that the warehouses real use is to keep Market prices in a city from being too depressed by a lot of goods being sold to the Market. It also keeps other Players' Traders from buying up those goods at those Markets/Cities at really cheap prices and taking somewhere else to make a big profit selling at another city.
In GAM your production facilities are buying any goods that they need from the City Market and NOT from your Warehouse, whereas in Patrician, Port Royal, and Rise of Venice your production facilities used your Warehouse for needed materials for production and sent the goods to your Warehouse, which then could sell to the City Market.
Also in those other games other Players (AI controlled) could build and own production facilities (as well as houses, etc.) in the same cities as you did. That is not the case in GAM.
PS I stopped playing GAM because I thought it was making my Grphics card, GeFoce 960, run too hot and overheating my SSD in a nearby slot.
added: Thinking about it I think that you do not own the goods in the Warehouse in GAM. The only practical function of the Warehouse is to keep commodity prices from being trashed (i.e. driven too low) by large quantities of the goods on the Market at a City. And if the prices are driven too low you can not make a profit selling those goods at that city. It also keeps the prices from collapsing due to large quantities sold, which enables you to make more money when your Trades or production facilities sell there.
While in all the other games, you OWN (and have your money tied up in) all the goods in your countinghouses + warehouse expansions. But any goods in the counting houses + warehouses are not available to the local markets unless you sell them, manually or automatically. And those cities need a supply of those goods to keep their local economies working well.
2nd added: You have to set or choose which 5 goods are kept in the warehouse, all other goods' prices versus quantities versus demnd are not affected by that Warehouse. I am pretty certain that are at least 2 maybe 3 upgrades to a warehouse in one city that increase by 5 goods each per upgrade what goods can be kept in the warehouse. (2 upgrades would cover 15 goods, and 3 upgrades would cover all 20 goods in the game)