Jul 18, 2026
LME lead stocks sit pinned at the top of a 19-year record after a 48.9% one-month build, while the physical backdrop underneath COMEX gold keeps thinning.
The standout is LME lead: 452,075 mt, the 100th percentile of a 19-year record, up 48.9% over 30 days. The daily move was a quiet -0.4%, so the position is extreme while the speed has gone flat. That gap, a record level with a stalled velocity, is the part worth watching.
COMEX gold reads the other direction. Total stocks sit at a 6-month low of 27.12M oz and coverage has dropped to the 11th percentile of its 6-month record, down 16.9% on the month, even though both were little changed on the day. Registered metal against open claims tends to thin quietly like this; the level tells the story, not the daily tick.
The petroleum board rhymes with the gold drain. Gasoline stocks are the lowest since Nov 2025 and SPR crude sits at the 1st percentile of a 44-year record, its lowest since April 1983 after a 9.4% monthly draw. Two reserves grinding lower while lead piles up is the divergence of the day.
Copper and silver deliverability both mark 6-month highs on thin history, so read those as short-run tops, not records. The data shows reserves splitting: paper-adjacent metal thinning on gold and crude, physical stacking on lead and copper.
US gasoline stocks are 210.5 MM bbl, the lowest since Nov 2025, down 0.7% on the week and 2.1% over 30 days. That puts them at the 36th percentile of a 37-year record.
LME lead stocks hit 452,075 mt, the top of a 19-year record, after a 48.9% build over 30 days. The daily move was a flat -0.4%, so the level is extreme while the pace has stalled.
SPR crude sits at 316.5 MM bbl, the lowest since April 1983 and the 1st percentile of a 44-year record. It fell 0.9% on the week and 9.4% over the month.
COMEX gold coverage is 38.5%, the 11th percentile of its 6-month record, down 16.9% over 30 days but unchanged on the day. Coverage measures registered metal against open claims; a low reading means less physical backing each claim.
COMEX copper stocks rose to 690,858 short tons, a 6-month high, up 1.3% on the day and 6.2% over the month. On a short history, read this as a near-term top rather than a record.
Tokyo retail gold via Tanaka is Y23,118/g, the 98th percentile of a 38-year record, down 1.4% on the day and 6.8% over 30 days. The level stays elevated even as the month softened.
COMEX total gold stocks are 27.12M oz, a 6-month low, down 2.9% over 30 days and unchanged on the day. On a short history, that is a near-term low, not an all-time one.
COMEX silver deliverable share is 29.1%, a 6-month high, up 0.3% on the day and 9.4% over the month. On thin history, treat this as a short-run peak rather than a record.
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.