Latest report Silver · September 4, 2026
September Silver Is Three-Quarters Delivered Five Sessions In, and the Biggest Taker Is a Client Account
6,757 Contracts Open at the Last Close Before Notice, 5,032 Delivered, and 42 Percent Stopped Through JP Morgan's Customer Omnibus
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Physical Desk
Gold's deliverable share of COMEX stock is climbing fast: 55.2% of the warehoused metal is now registered to deliver, the rest just stored.
Straight from the world's exchanges and official data. Updated daily.
Data as of September 3, 2026 ⓘ
On the desk today
The other readings moving right now.
Inventory
766,795 short tons
Copper in COMEX vaults is up 6% this month, now at 766,795 short tons.
Inventory
396,825 mt
Lead in London warehouses is near the top of its whole history, now at 396,825 mt.
Coverage
5.6%
Platinum's COMEX backing is thinning fast: only about 6 ounces are registered in the vault for every 100 ounces promised on paper.
Coverage
19.0%
Silver's COMEX backing is climbing fast: about 19 ounces are now registered in the vault for every 100 ounces promised on paper. The backing is still low; the fast climb is the story.
Stocks
8.2 MM bbl
The Midwest jet fuel stockpile (PADD 2) is at its highest since 2026, now at 8.2 MM bbl.
The flows right now
What's draining and building across the world's vaults. Pick a window.
Gold in COMEX vaults
Registered
15.1M oz
▲ 6%
Building, up 6% over the last 30 days.
as of Thu Sep 3
Silver in COMEX vaults
Registered
99.4M oz
flat
Holding steady, roughly flat over the last 30 days.
as of Thu Sep 3
U.S. emergency oil reserve
SPR crude
287M bbl
▼ 7%
Draining, down 7% over the last 30 days. Lowest since 1982.
as of Fri Aug 28
Copper in COMEX vaults
Total stock
766.8K st
▲ 6%
Building, up 6% over the last 30 days.
as of Thu Sep 3
Firm-level COMEX deliveries
Which clearing firms took delivery and which made it, by metal and by house or customer account, from CME's daily Issues and Stops report. Captured every day it publishes, because CME overwrites the report and keeps no public archive.
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Ask the data
Start with a question. Each one opens the page that answers it.
Global Benchmarks
Live spot, futures, and retail prints across the world's major precious-metals venues, normalized to USD per troy ounce against ECB daily FX. Premium (or discount) is shown against COMEX front-month.
Why do venue premiums differ? Often the answer is tax. See the gold tax map, every rate sourced. · Sales tax on gold & silver by state
Gold
See all venues
| COMEX (front) front | $4,477 | — | Sep 4 |
|
Tokyo retail (Tanaka)
retail
⚡
ex-tax; Japan's 10% consumption tax puts the street price near +11.58%
|
$4,995 | +1.44% | 09:08 UTC |
| London (LBMA PM) PM fix | $4,415 | -1.37% | Sep 4 |
|
India retail (IBJA)
retail
ex-tax; India's 15% import duty + 3% GST puts the street price near +17.31%
|
$5,098 | -0.97% | Sep 4 |
| Shanghai SHFE front | $4,440 | -0.82% | Sep 5 |
| London (LBMA AM) AM fix | $4,466 | -0.23% | Sep 4 |
| Shanghai (spot ref) spot | $4,473 | -0.08% | Sep 5 |
Silver
See all venues
| COMEX (front) front | $66.75 | — | Sep 4 |
|
Tokyo retail (Tanaka)
retail
⚡
ex-tax; Japan's 10% consumption tax puts the street price near +16.95%
|
$78.06 | +6.32% | 09:08 UTC |
|
Shanghai SHFE
front
ex-tax; China's 13% VAT puts the street price near +11.65%
|
$74.53 | -1.19% | Sep 5 |
|
India retail (IBJA)
retail
ex-tax; India's 15% import duty + 3% GST puts the street price near +19.60%
|
$77.51 | +0.97% | Sep 4 |
| Shanghai (spot ref) spot | $66.96 | +0.32% | Sep 5 |
| London (LBMA PM) PM fix | $66.83 | +0.13% | Sep 4 |
Platinum
See all venues
| COMEX (front) front | $1,826 | — | Sep 4 |
|
Tokyo retail (Tanaka)
retail
⚡
ex-tax; Japan's 10% consumption tax puts the street price near +13.25%
|
$2,068 | +2.95% | 09:08 UTC |
| London (LBMA PM) PM fix | $1,796 | -1.63% | Sep 4 |
Palladium
See all venues
| COMEX (front) front | $1,404 | — | Sep 4 |
| London (LBMA PM) PM fix | $1,401 | -0.20% | Sep 4 |
Tax basis: the premiums above for India retail (IBJA), Tokyo retail (Tanaka), and Shanghai SHFE silver are shown EX-TAX, with the local tax stripped out, so they compare like-for-like with COMEX. A local buyer also pays the tax: India's 15% import duty plus a separate 3% GST (the IBJA rate already includes the duty since May 13, 2026), Japan's 10% consumption tax, and China's 13% VAT on SHFE silver (SGE/SHFE standard gold trades VAT-exempt). Adding that tax back approximates the local street price. London (LBMA) and COMEX are wholesale prices with no tax included.
Sources: LBMA (London fix), Yahoo Finance (COMEX futures), Sina Finance (SHFE + Asian spot reference), Tanaka Kikinzoku Kogyo (Japan retail), India Bullion and Jewellers Association (India retail). FX: ECB daily reference rates.
From the Desk
The Desk is most bullish on copper right now.
Copper is my read this week, and the case is drawdown, not narrative. LME warehouse stock sits at 234K metric tonnes as of September 1, down sharply from the 380K posted on June 4, and now closer to the 90-day low of 205K than to that high. That is metal leaving sheds against real offtake. COMEX tells the other half: 762.44 K short tons registered as of August 31, the 90-day high, up from 644.55 on June 4. Restocking on the exchange while LME visible supply thins points to genuine industrial pull, worth watching closely.
The Vault Report Desk, written with AI assistance
Common questions
- What is the difference between registered and eligible gold?
- Registered metal is backed by a warehouse receipt (warrant) and can be delivered against a futures contract right now. Eligible metal meets exchange specs and sits in the same vaults but has no active warrant, so it is not immediately deliverable. Registered is the supply that can settle today; eligible is on the sidelines until its owner chooses to register it.
- What is the gold/silver ratio?
- The gold/silver ratio is the price of one ounce of gold divided by the price of one ounce of silver — it tells you how many ounces of silver it takes to buy one ounce of gold. A higher ratio means silver is relatively cheaper to gold; a lower ratio means the opposite. Stackers watch it as a relative-value gauge between the two metals.
More questions
- What is on-warrant stock on the LME?
- On-warrant stock is metal in LME-approved warehouses that is backed by a live warrant and available to settle contracts. It is the most liquid, immediately deliverable form of LME inventory and the figure most watched for squeeze risk.
- How much oil is in the US Strategic Petroleum Reserve?
- The Strategic Petroleum Reserve (SPR) is the US government's emergency crude stockpile, stored in salt caverns along the Gulf Coast. Its current level, all-time high, all-time low, and post-fill-era low are shown above in millions of barrels, sourced weekly from the EIA. The level changes with drawdowns and refills, so check the as-of date for the latest reading.
About The Vault Report
"The data that moves metals and energy markets has always lived behind terminals and trading-desk screenshots. The Vault Report brings it into the open: the physical commodity flows behind the headlines, from metals warehouses to the nation's oil reserves."
Updated daily, straight from the official reports. CME Group, the London Metal Exchange, and the EIA. Covers COMEX and LME warehouse inventory, the U.S. Strategic Petroleum Reserve, COT positioning, and ETF flows.