Research
Long-form, sourced reads on the metals and energy vaults. Each one starts from a number in our own data — COMEX warehouses, the LME, the Strategic Petroleum Reserve — and works out what it means.
The SPR is draining, and it did not stop at the ceasefire
The war was the reason everyone pointed to. The drawdown is the part that has not stopped.
Read the researchCopper's refining benchmark fell to zero for 2026, a first
Most of the world's silver comes out of the same mines as copper, lead, zinc, and gold. The 2026 copper treatment charge settled at zero, a first on record.
Read the researchCOMEX gold inventories fell about 23 percent since January
The gold in COMEX-approved warehouses shrank by 8.37 million ounces in five months. The bars not yet committed to contracts left fastest.
Read the researchThe Strait of Hormuz is reopening. The oil won't flow back overnight.
A peace deal ends the 107-day blockade. Clearing the mines, satisfying insurers, and refilling the supply gap will take months, from a 40-year-low reserve.
Read the research