Latest report Treasury · September 12, 2026
Treasury Buybacks Are Not Stealth QE, Fact Checked
$463.6 Billion of Face Value Retired With $430.7 Billion of Borrowed Cash, the Fed Was Not the Buyer, and an Interest Bill That Rises $2.9 Billion a Year
Read the report →
Physical Desk
Gold in the Tokyo retail market is near the top of its whole history, now at ¥23,769/g.
Straight from the world's exchanges and official data. Updated daily.
Data as of September 11, 2026 ⓘ
On the desk today
The other readings moving right now.
Inventory
380,025 mt
Lead in London warehouses is near the top of its whole history, now at 380,025 mt.
Stocks
46.0 MM bbl
The US jet fuel stockpile is near the top of its whole history, now at 46.0 MM bbl.
Coverage
5.5%
Platinum's COMEX backing is thinning fast: only about 5 ounces are registered in the vault for every 100 ounces promised on paper.
Inventory
244,100 mt
Aluminum in London warehouses just hit its lowest level on record, now at 244,100 mt, the thinnest cushion the data has ever shown.
Stocks
27.1 MM bbl
The West Coast gasoline stockpile (PADD 5) is down 8% this month, now at 27.1 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
▲ 5%
Building, up 5% over the last 30 days.
as of Thu Sep 10
Silver in COMEX vaults
Registered
95.9M oz
▼ 3%
Draining, down 3% over the last 30 days.
as of Thu Sep 10
U.S. emergency oil reserve
SPR crude
285M bbl
▼ 6%
Draining, down 6% over the last 30 days. Lowest since 1982.
as of Fri Sep 4
Copper in COMEX vaults
Total stock
767.5K st
▲ 5%
Building, up 5% over the last 30 days.
as of Thu Sep 10
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 | $4,378 | — | 23:24 UTC |
|
India retail (IBJA)
retail
⚡
ex-tax; India's 15% import duty + 3% GST puts the street price near +16.36%
|
$4,946 | -1.77% | Sep 11 |
| London (LBMA AM) AM fix | $4,342 | -0.81% | Sep 11 |
| Shanghai (spot ref) spot | $4,348 | -0.67% | 00:00 UTC |
|
Tokyo retail (Tanaka)
retail
ex-tax; Japan's 10% consumption tax puts the street price near +10.53%
|
$4,839 | +0.48% | 23:34 UTC |
| London (LBMA PM) PM fix | $4,386 | +0.19% | Sep 11 |
| Shanghai SHFE front | $4,382 | +0.08% | Sep 12 |
Silver
See all venues
| COMEX (front) front | $64.52 | — | 23:23 UTC |
|
Tokyo retail (Tanaka)
retail
⚡
ex-tax; Japan's 10% consumption tax puts the street price near +14.40%
|
$73.81 | +4.00% | 23:34 UTC |
| London (LBMA PM) PM fix | $63.84 | -1.05% | Sep 11 |
|
India retail (IBJA)
retail
ex-tax; India's 15% import duty + 3% GST puts the street price near +18.95%
|
$74.51 | +0.43% | Sep 11 |
|
Shanghai SHFE
front
ex-tax; China's 13% VAT puts the street price near +13.26%
|
$73.08 | +0.23% | Sep 12 |
| Shanghai (spot ref) spot | $64.45 | -0.11% | 00:00 UTC |
Platinum
See all venues
| COMEX (front) front | $1,796 | — | 23:23 UTC |
|
Tokyo retail (Tanaka)
retail
⚡
ex-tax; Japan's 10% consumption tax puts the street price near +13.79%
|
$2,043 | +3.44% | 23:34 UTC |
| London (LBMA PM) PM fix | $1,807 | +0.62% | Sep 11 |
Palladium
See all venues
| COMEX (front) front | $1,305 | — | 23:23 UTC |
| London (LBMA PM) PM fix ⚡ | $1,321 | +1.21% | Sep 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.
Copper is where the visible-supply story reads clearest this week. COMEX total copper stands at 766.79 K short tons as of September 3, sitting exactly at the 90-day high of 766.79 and well above the 648.84 low recorded on June 9. Against that, LME warehouse stock totals 234K metric tonnes as of September 4, down sharply from the 373K high on June 9 and closer to the 205K low. That split, exchange metal accumulating stateside on COMEX while LME warehouses draw down, tells you industrial offtake is pulling from the London system. When deliverable inventory diverges like this, it signals where physical demand is actually landing.
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.