Physical Desk
Lead in London warehouses is near the top of its whole history, now at 420,300 mt.
Straight from the world's exchanges and official data. Updated daily.
Data as of August 11, 2026 ⓘ
On the desk today
The other readings moving right now.
Inventory
728,159 short tons
Copper in COMEX vaults is up 7% this month, now at 728,159 short tons.
Stocks
304.8 MM bbl
The US emergency oil reserve is at its lowest since 1983, now at 304.8 MM bbl.
Net position
75,758 contracts
Copper in speculator positioning is at its highest since 2021, now at 75,758 contracts.
Inventory
97,075 mt
Zinc in London warehouses is draining faster than it was, now at 97,075 mt.
Holdings
544.7M shares
Silver in the big ETF trusts is building faster than it was, now at 544.7M shares.
The flows right now
What's draining and building across the world's vaults. Pick a window.
Gold in COMEX vaults
Registered
14.4M oz
▼ 3%
Draining, down 3% over the last 30 days.
as of Mon Aug 10
Silver in COMEX vaults
Registered
99.7M oz
▲ 5%
Building, up 5% over the last 30 days.
as of Mon Aug 10
U.S. emergency oil reserve
SPR crude
305M bbl
▼ 6%
Draining, down 6% over the last 30 days. Lowest since 1983.
as of Fri Jul 31
Copper in COMEX vaults
Total stock
728K oz
▲ 7%
Building, up 7% over the last 30 days.
as of Mon Aug 10
🔔 The numbers, in your inbox
The weekly receipts letter, a daily vault briefing if you want it, and an alert when a record breaks. No noise, unsubscribe anytime.
Weekly receipts letter · optional daily briefing · record-break alerts · unsubscribe anytime
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 | $4,485 | — | 13:19 UTC |
| taiwan retail retail_buy | — | — | 00:00 UTC |
| taiwan retail retail | — | — | 00:00 UTC |
|
India retail (IBJA)
retail
⚡
ex-tax; India's 15% import duty + 3% GST puts the street price near +14.81%
|
$5,000 | -3.07% | 00:00 UTC |
| Shanghai (spot ref) spot | $4,368 | -2.62% | 00:00 UTC |
| London (LBMA AM) AM fix | $4,372 | -2.52% | Aug 11 |
| London (LBMA PM) PM fix | $4,383 | -2.28% | Aug 11 |
| Shanghai SHFE front | $4,426 | -1.33% | 00:00 UTC |
|
Tokyo retail (Tanaka)
retail
ex-tax; Japan's 10% consumption tax puts the street price near +9.31%
|
$4,903 | -0.63% | 13:29 UTC |
Silver
See all venues
| COMEX (front) front | $66.34 | — | 13:19 UTC |
|
Tokyo retail (Tanaka)
retail
⚡
ex-tax; Japan's 10% consumption tax puts the street price near +14.47%
|
$75.95 | +4.07% | 13:29 UTC |
| Shanghai (spot ref) spot | $64.65 | -2.55% | 00:00 UTC |
| London (LBMA PM) PM fix | $65.19 | -1.75% | Aug 11 |
|
India retail (IBJA)
retail
ex-tax; India's 15% import duty + 3% GST puts the street price near +20.02%
|
$77.31 | +1.32% | 00:00 UTC |
|
Shanghai SHFE
front
ex-tax; China's 13% VAT puts the street price near +11.69%
|
$74.10 | -1.16% | 00:00 UTC |
Platinum
See all venues
| COMEX (front) front | $1,788 | — | 13:19 UTC |
| London (LBMA PM) PM fix ⚡ | $1,758 | -1.66% | Aug 11 |
|
Tokyo retail (Tanaka)
retail
ex-tax; Japan's 10% consumption tax puts the street price near +11.21%
|
$1,988 | +1.10% | 13:29 UTC |
Palladium
See all venues
| COMEX (front) front | $1,392 | — | 13:19 UTC |
| London (LBMA PM) PM fix ⚡ | $1,373 | -1.39% | Aug 11 |
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.
I only have one usable series this week, and it is unusable: LME copper on-warrant reads 0K metric tonnes as of 2026-08-10, with a 90-day low/high of 0K/0K and a prior reading of 0K on 2026-05-13. Every figure in front of me is flat zero, so there is no movement to frame, no draw or build to compare against the low or high, and nothing that tells me whether visible supply is tightening or loosening for industrial demand. Under the rules I frame what I can see, and this data offers no signal. I will hold my conviction until the context gives me a number worth reading.
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.
- 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.