Jul 25, 2026
LME lead sits at a 19-year record high while COMEX gold stocks grind to a 6-month low, two inventory series pulling in opposite directions.
LME lead stocks hit 448,850 mt, the top of a 19-year record, and the move behind it is not slow: up 49.8% over 30 days even as the day itself was flat at -0.1%. The level is extreme and the monthly rate confirms it; the daily calm is just the pause at the top.
Against that, COMEX gold tells the mirror story. Total stocks slipped to a 6-month low at 27.02M oz, down 2.8% on the month, and registered gold sat at its own 6-month low of 14.76M oz. One base-metal reserve is stacking up fast while the gold vault thins.
The tension worth naming is on gold coverage, at 38.5% and the 10th percentile of its 6-month record. The daily move is a rounding error at +0.1%, but the 30-day read is down 9.7%. A near-floor level with a barely-moving tape is the standing signal a thin reserve throws off: little room left before the number itself does the talking.
Elsewhere the board rhymes: COMEX copper up to a 6-mo high at 706,328 short tons, silver deliverable share up to a 6-mo high of 29.1%, and China's gold reserves at an 11-year record 2,321.6 tonnes. The data shows metal piling up in most warehouses while COMEX gold quietly drains.
LME lead stocks at 448,850 mt top a 19-year record. The day was flat at -0.1%, but the pile is up 49.8% over the last 30 days.
The US Strategic Petroleum Reserve fell to 311.4M bbl, its lowest since March 1983. Down 1.6% on the week and 8.5% over 30 days.
COMEX copper stocks rose to 706,328 short tons, a 6-month high. Up 0.3% on the day and 7.7% over the month.
COMEX total gold stocks slipped to a 6-month low of 27.02M oz. Little changed on the day, down 2.8% over 30 days.
COMEX registered gold, the metal actually pledged for delivery, sits at a 6-month low of 14.76M oz. Up 0.1% today but down 1.7% on the month.
The share of COMEX silver that is deliverable rose to 29.1%, a 6-month high. Off 0.3% on the day but up 7.4% over 30 days.
China's reported gold reserves stand at 2,321.6 tonnes, the highest in an 11-year record. Up 0.3% on both the day and the month.
COMEX gold coverage, the cushion of metal behind open claims, sits at 38.5%, the 10th percentile of its 6-month record. Flat today at +0.1% but down 9.7% 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.