Jul 12, 2026
Physical gold coverage on COMEX keeps thinning while Tokyo retail gold sits near a 38-year high, and the energy reserve data underneath everything reads at 44-year lows.
The standout is COMEX gold coverage at 39.9%, the 16th percentile of its 6-month record and down 14.3% over 30 days. The daily move is a quiet 0.6%, but the month-long drain is what matters: the level is low and still sliding, with registered gold parked at a 6-month low of 14.82M oz.
Silver and copper coverage on COMEX pull the other way, both printing 6-month highs, silver deliverable share at 28.5% and copper coverage at 14.3%. Gold coverage falling while its two neighbors climb is the divergence worth flagging; the metals are not moving as one block.
Tokyo retail gold (Tanaka) sits at ¥23,843/g, the 99th percentile of a 38-year record, yet it's down 1.3% over the month. That's a classic level-versus-speed split: an extreme reading with a soft trailing move. Managed-money net copper shows the same tension inverted, still 90th percentile at 58,784 contracts but down 22.4% over 30 days, a high position bleeding fast.
In energy, SPR crude at 319.5 MM bbl is the lowest since April 1983, 1st percentile of the record and down 10.5% on the month, with Cushing at 19.6 MM bbl in the 12th percentile. The reserve data shows thin buffers running thinner, a standing reason these levels get watched.
The Strategic Petroleum Reserve holds 319.5 MM bbl, the lowest reading since April 1983 and the 1st percentile of the 44-year record. Down 1.9% on the week and 10.5% over 30 days.
COMEX gold coverage sits at 39.9%, the 16th percentile of its 6-month record. The daily move is a calm 0.6% down, but it's fallen 14.3% over 30 days.
Tokyo retail gold via Tanaka is ¥23,843/g, the 99th percentile of a 38-year record. Up 1.0% on the day even as it's down 1.3% over the month.
COMEX silver deliverable share is 28.5%, a 6-month high. Up 0.6% on the day and 7.1% over 30 days.
Managed-money net copper positioning is 58,784 contracts, still the 90th percentile of the 20-year record. But it's down 22.4% over 30 days, a high position unwinding quickly.
COMEX registered gold sits at 14.82M oz, a 6-month low and the 4th percentile of that short record. Flat on the day, down 2.2% over 30 days.
Cushing crude holds 19.6 MM bbl, the 12th percentile of the 22-year record. Down 0.3% on the week and 12.6% over 30 days.
COMEX copper coverage is 14.3%, a 6-month high. Up 1.6% on the day and 15.4% over 30 days.
Sources: CME Group COMEX warehouse reports, LME warehouse data, EIA Weekly Petroleum Status Report, ETF issuer filings, and venue price quotes. Every figure is computed straight from the stored source data; percentiles rank today's level against the series' full record.