Physical Desk
The US emergency oil reserve is at its lowest since 1983, now at 331.2 MM bbl.
Straight from the world's exchanges and official data. Updated daily.
Data as of
June 19, 2026
On the desk today
The other readings moving right now.
Price
¥23,150/g
Gold in the Tokyo retail market is near the top of its whole history, now at ¥23,150/g.
Stocks
19.0 MM bbl
America's main oil hub is at its lowest since 2014, now at 19.0 MM bbl.
Inventory
336,475 mt
Copper in London warehouses is draining faster than it was, now at 336,475 mt.
Net position
66,547 contracts
Copper in speculator positioning is near the top of its whole history, now at 66,547 contracts.
Inventory
14.78M oz
Gold in COMEX vaults is down 6% this month, now at 14.78M oz.
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The flows right now
What's draining and building across the world's vaults. Pick a window.
Gold in COMEX vaults
Registered
14.8M oz
▼ 6%
Draining, down 6% over the last 30 days.
as of Thu Jun 25
Silver in COMEX vaults
Registered
87.1M oz
▲ 7%
Building, up 7% over the last 30 days.
as of Thu Jun 25
U.S. emergency oil reserve
SPR crude
331M bbl
▼ 11%
Draining fast, down 11% over the last 30 days. Lowest since records began in 2007.
as of Fri Jun 19
Copper in COMEX vaults
Total stock
663K oz
▲ 4%
Building, up 4% over the last 30 days.
as of Thu Jun 25
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.
Gold
See all venues
| COMEX (front) front | $4,096 | — | Jun 26 |
|
India retail (IBJA)
retail
⚡
ex-tax; India's 15% import duty + 3% GST puts the street price near +15.88%
|
$4,608 | -2.17% | Jun 25 |
| Shanghai (spot ref) spot | $4,027 | -1.70% | Jun 27 |
| London (LBMA AM) AM fix | $4,048 | -1.18% | Jun 26 |
| London (LBMA PM) PM fix | $4,072 | -0.59% | Jun 26 |
| Shanghai SHFE front | $4,083 | -0.33% | Jun 27 |
|
Tokyo retail (Tanaka)
retail
ex-tax; Japan's 10% consumption tax puts the street price near +9.76%
|
$4,496 | -0.22% | 11:19 UTC |
Silver
See all venues
| COMEX (front) front | $59.67 | — | Jun 26 |
|
India retail (IBJA)
retail
⚡
ex-tax; India's 15% import duty + 3% GST puts the street price near +23.14%
|
$71.34 | +3.96% | Jun 25 |
|
Tokyo retail (Tanaka)
retail
ex-tax; Japan's 10% consumption tax puts the street price near +13.57%
|
$67.77 | +3.24% | 11:19 UTC |
| Shanghai (spot ref) spot | $57.83 | -3.09% | Jun 27 |
|
Shanghai SHFE
front
ex-tax; China's 13% VAT puts the street price near +10.32%
|
$65.83 | -2.37% | Jun 27 |
| London (LBMA PM) PM fix | $58.38 | -2.17% | Jun 26 |
Platinum
See all venues
| COMEX (front) front | $1,647 | — | Jun 26 |
| London (LBMA PM) PM fix ⚡ | $1,613 | -2.08% | Jun 26 |
|
Tokyo retail (Tanaka)
retail
ex-tax; Japan's 10% consumption tax puts the street price near +10.89%
|
$1,827 | +0.81% | 11:19 UTC |
Palladium
See all venues
| COMEX (front) front | $1,220 | — | Jun 26 |
| London (LBMA PM) PM fix ⚡ | $1,200 | -1.67% | Jun 26 |
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.
Vance's Take
He's most bullish on copper right now.
Copper is the only commodity in this week's Vault context backed by hard visible-supply data, so it's where I'm anchored. LME on-warrant copper sits at 349K metric tonnes as of June 22, 2026 — that is the tonnage physically available for delivery against contracts, not merely registered in the system. On-warrant inventory is the cleanest read we have on what industrial buyers can actually pull today. When the deliverable pool is the metric in front of us, copper earns the callout by default: it's the one name here with a quantified, verifiable stock position rather than narrative. That's the basis for my read this week.
Vance, in conversation with Gemini 3 Pro
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.
- 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.