The physical market, in plain English.
COMEX & LME vaults, the U.S. Strategic Petroleum Reserve, and COT positioning, tracked in real time. The flows are below.
The flows right now
What's draining and building across the world's vaults. Pick a window.
Gold registered
15.4M oz
▼ 3%
Draining, down 3% over the last 30 days.
as of Wed Jun 10
Silver registered
85.2M oz
▲ 7%
Building, up 7% over the last 30 days.
as of Wed Jun 10
SPR crude
349M bbl
▼ 11%
Draining fast, down 11% over the last 30 days. Lowest since 2023.
as of Fri Jun 5
Copper stocks
650K oz
▲ 4%
Building, up 4% over the last 30 days.
as of Wed Jun 10
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.
Gold
| COMEX (front) front | $4,239 | — | 20:59 UTC |
|
India retail (IBJA)
retail
⚡
incl. India's 15% import duty; ex-tax -0.85%
|
$4,833 | +14.02% | Jun 12 |
|
Tokyo retail (Tanaka)
retail
incl. Japan's 10% consumption tax; ex-tax -0.25%
|
$4,651 | +9.73% | 12:14 UTC |
| London (LBMA PM) PM fix | $4,186 | -1.25% | Jun 12 |
| Shanghai (spot ref) spot | $4,211 | -0.67% | 00:00 UTC |
| London (LBMA AM) AM fix | $4,223 | -0.37% | Jun 12 |
| Shanghai SHFE front | $4,239 | +0.01% | 00:00 UTC |
Silver
| COMEX (front) front | $67.97 | — | 20:59 UTC |
|
India retail (IBJA)
retail
⚡
incl. India's 15% import duty; ex-tax +1.48%
|
$79.33 | +16.70% | Jun 12 |
|
Tokyo retail (Tanaka)
retail
incl. Japan's 10% consumption tax; ex-tax +2.03%
|
$76.29 | +12.23% | 12:14 UTC |
|
Shanghai SHFE
front
incl. China's 13% VAT; ex-tax -1.27%
|
$75.84 | +11.57% | 00:00 UTC |
| London (LBMA PM) PM fix | $67.03 | -1.39% | Jun 12 |
| Shanghai (spot ref) spot | $67.30 | -0.99% | 00:00 UTC |
Platinum
| COMEX (front) front | $1,712 | — | 20:59 UTC |
|
Tokyo retail (Tanaka)
retail
⚡
incl. Japan's 10% consumption tax; ex-tax +2.94%
|
$1,939 | +13.24% | 12:14 UTC |
| London (LBMA PM) PM fix | $1,704 | -0.48% | Jun 12 |
Palladium
| COMEX (front) front | $1,292 | — | 20:55 UTC |
| London (LBMA PM) PM fix ⚡ | $1,284 | -0.58% | Jun 12 |
Tax basis: the India retail (IBJA) rate includes the 15% import duty in force since May 13, 2026 (the separate 3% GST is not included); Tokyo retail (Tanaka) prices include Japan's 10% consumption tax; Shanghai SHFE silver quotes embed China's 13% VAT, while SGE/SHFE standard gold trades VAT-exempt. London (LBMA) and COMEX are wholesale prices with no tax included. Premiums above are gross; the ex-tax figure is the true market premium.
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.
He's most bullish on copper right now.
Copper gets my nod this week, and the reason sits in the visible stock data. COMEX shows 642.71 K short tons total as of June 3, while LME on-warrant copper registers 380K metric tonnes as of June 4. Those two figures, read side by side, give us a clear picture of deliverable supply across the major exchanges. When industrial buyers price wiring, plumbing, and grid demand against on-warrant tonnage, the warranted inventory is what they can actually draw against. That visible-supply backdrop is what makes copper the cleanest read in the vault right now — quantifiable metal, two venues, no guesswork on what is available.
Vance, in conversation with Gemini 3 Pro
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About The Vault Report
"Vance got tired of screenshots and secondhand data. So he built the tool he wanted: a real-time window into 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.