Gold
3300.0 t
2024 · +1.5% YoY
USGS source →Loading page content
Physical Market Intelligence
Track the pricing, inventories, flows, and demand signals shaping physical precious-metals markets — with an explanation on every module.
Au tightness
Balanced
East–West
Timestamp Mismatch
Inventories
Contracting
Latest source
Through 2026-08-27
Gold Physical Tightness
Methodology PHYSICAL-GOLD-0.2 · Confidence 50%
Physical market conditions register as Balanced (55/100). 4 verified factors included in scoring; 4 excluded. Scoring completeness 50%. Derived from stored provider snapshots — ra…
Physical pressure
Physical Pressure Panel explains component drivers alongside the Tightness Score. It does not replace PHYSICAL-SILVER-1.0 or PHYSICAL-GOLD-0.2 scoring math.
Data confidence 49% · 6/8 components · Coverage weights official structured inputs higher; context-only inputs do not inflate score confidence.
COMEX inventory
STALETIGHTENING
TIGHTENING · HIGH · conf 60%
As-of 2026-07-13
London vaults
MONTHLYLOOSENING
LOOSENING · MODERATE · conf 78%
As-of 2026-06
ETF metal
STALEDISTRIBUTING
LOOSENING · HIGH · conf 52%
As-of 2026-03-31
CFTC positioning
WEEKLYELEVATED LONG
LOOSENING · MODERATE · conf 74%
As-of 2026-08-18
Positioning context — not physical warehouse stock.
U.S. retail bullion
STALEINSUFFICIENT COVERAGE
INSUFFICIENT COVERAGE · N/A · conf 42%
As-of 2025-12
Retail demand only — not institutional demand.
Mine supply
STALEFLAT
NEUTRAL · MODERATE · conf 44%
As-of 2024
ANNUAL / LATEST REPORTED — not a real-time supply indicator.
Eastern activity
INSUFFICIENT COVERAGEINSUFFICIENT COVERAGE
INSUFFICIENT COVERAGE · MODERATE · conf 48%
Delivery/trading activity — not benchmark price redistribution.
Eastern inventory
STALENEUTRAL
NEUTRAL · MODERATE · conf 56%
As-of 2026-08-07
Divergences
Physical vs positioning
Warehouse stocks are drawing while managed-money positioning is elevated long — physical tightness is not confirmed by positioning.
COMEX inventory: TIGHTENING ↔ CFTC positioning: ELEVATED LONG
COMEX vs London vaults
New York registered stocks are tightening while London vault holdings are building — regional inventory signals diverge.
COMEX inventory: TIGHTENING ↔ London vaults: LOOSENING
What is tight
What is loose
What changed
What is missing
What to watch
Pressure matrix
Cross-metal pressure matrix — component states only, not a composite score.
| Metric | Gold | Silver |
|---|---|---|
| COMEX inventory | TIGHTENING STALE | LOOSENING STALE |
| London vaults | LOOSENING MONTHLY | LOOSENING MONTHLY |
| ETF holdings | DISTRIBUTING STALE | DISTRIBUTING STALE |
| CFTC positioning | ELEVATED LONG WEEKLY | NEUTRAL WEEKLY |
| Retail bullion | INSUFFICIENT COVERAGE STALE | INSUFFICIENT COVERAGE STALE |
| Mine supply | FLAT STALE | FLAT STALE |
| Eastern activity | INSUFFICIENT COVERAGE INSUFFICIENT COVERAGE | INSUFFICIENT COVERAGE INSUFFICIENT COVERAGE |
| Eastern inventory | NEUTRAL STALE | TIGHTENING STALE |
Exchange & supply intelligence
Each module has a dedicated route, rights metadata, and honest status. Sections stay unavailable until licensed observations exist — nothing is marked Live without data.
Registered float tightening
Registered 14,760,604 oz
Updated Jul 13
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Gold 113.6 t · Silver 4238.8 t
Au Δ -6 kg · Ag Δ -69,872 kg
Updated Aug 7
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Gold 9464.3 t · Silver 28081.6 t
Reported monthly, one month in arrears.
Updated Jun 1
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East–West premium is withheld because Western/FX observations are not session-aligned with the SGE comparison timestamp (calendar-day matches and daily bars are insufficient). Alignment: Calendar-day unmatched (Timing quality insufficient for a confident premium. Target 2026-07-31T07:30:00.000Z; Western 2026-07-31T00:00:00.000Z; FX 2026-07-31T00:00:00.000Z.) Shanghai reference is official SGE Daily Report contract Au99.99. Canonical East–West methodology (EAST-WEST-GOLD-2.1): session-close comparison using Au99.99 Closing Price (CNY/g) with Western XAU/USD and USD/CNY taken from intraday bars nearest the SGE session-end comparison timestamp (default 15:30 China Standard Time = 07:30 UTC). Weighted Average Price is not compared to a single unrelated Western point for the headline premium; it is reserved for optional session-window-average analysis. Settlement is never used. SHAU benchmark, Au(T+D), Au99.95, and SHFE futures are never substituted. USD/oz = (CNY/g × 31.1034768) / (CNY per USD). Premium = Shanghai USD/oz − Western XAU/USD. Public premiums require session-aligned (or session-window-average) intraday legs within MAX_PRICE_TIME_MISMATCH_MINUTES. Twelve Data 1day bars are calendar-day-unmatched / previous-close and do not publish a confident premium. Matching calendar dates alone never implies session equivalence.
Official Au99.99 daily report — not intraday delayed quotes
As of 2026-07-31T21:19:59.635Z
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Awaiting first verified GFEX futures observation
Rights cleared for platinum/palladium scope — no Gold/Silver invented
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Managed Money net positioning is at the 76th percentile of the past 260 weekly reports (Heavy / ELEVATED LONG). Weekly net increased by 3,986 contracts.
Report week 2026-08-18
Updated Aug 18
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Registered 14,760,604 oz deliverable float
Registered + eligible warehouse metal — not mine production
Updated Jul 13
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Regional pricing
Official-source collectors only. Western OTC is not the LBMA official fix.
Western spot (XAU/USD)
—
Western OTC spot
Cleared markets
1
4 blocked / pending
London official fix
Not included
Not included in hub compact projection
| Market | USD/oz | Premium | Status |
|---|---|---|---|
China physical (SGE Au99.99) No eligible SGE Au99.99 East–West snapshot is available yet. | — | — | Awaiting data No eligible SGE Au99.99 East–West snapshot is available yet. |
India physical (IBJA Gold 999) IBJA Gold 999 official source collector is not configured. Rights remain pending — no aggregator scrape. | — | — | Source not configured IBJA Gold 999 official source collector is not configured. Rights remain pending — no aggregator scrape. |
India futures (MCX Gold) MCX futures feed is not licensed/configured. Contract month and basis will publish only from an official source. | — | — | Source not configured MCX futures feed is not licensed/configured. Contract month and basis will publish only from an official source. |
United States futures (COMEX Gold) COMEX futures prices require a licensed market-data feed (warehouse stocks are a separate dataset). | — | — | Source not configured COMEX futures prices require a licensed market-data feed (warehouse stocks are a separate dataset). |
Western spot reference (XAU/USD) XAU/USD | $4,593.8 | +0.00% | Available XAU/USD |
Gold: No regional physical/futures legs are cleared yet (China physical (SGE Au99.99); India physical (IBJA Gold 999); India futures (MCX Gold)). Western XAU/USD stands alone as t…
COMEX Intelligence
Licensed CME inventories + CFTC open interest — not futures prices.
Grey Rabbit Take
Registered float tightening
LBMA vaults
Reporting month: 2026-06 · monthly cadence
Gold
9464.3 t
Gold history not yet available for charting.
LBMA. Grey Rabbit Markets is not affiliated with or endorsed by LBMA. Changes, conversions, charts, and analysis are produced by Grey Rabbit Markets.
Component signals
Component signals only — not a Grey Rabbit Tightness Score.
COMEX inventory
DRAWING
London vaults
BUILDING
ETF metal (GLD)
DISTRIBUTING
COMEX as-of — · LBMA 2026-06 · GLD 2026-03-31. Frequency: COMEX daily · LBMA monthly · ETF filing cadence.
Eastern physical activity
East–West physical components only. Spot premiums require rights-cleared price legs and are not inferred here.
Western inventory
DRAWING
Western ETF metal (GLD)
DISTRIBUTING
China delivery activity
INSUFFICIENT_HISTORY
China inventory (SHFE)
FLAT
SGE period — · SHFE as-of 2026-08-07. Frequency: monthly SGE highlights · weekly SHFE stock · western inventory/ETF as native sources. Methodology: COMPONENT_SIGNALS_ONLY — no East–West spot premium from restricted price feeds.
East vs. West Pricing
SGE Au99.99 normalized to USD/oz versus Western spot — the regional premium signal.
Shanghai
4074.49
Western
4109.78
Spread
—
Premium
—
Shanghai Gold Exchange Daily Report — Au99.99 Closing Price (CNY/g) for session-close comparison · Data through 2026-07-31
SHFE
Latest inventory
113.62 t
Weekly change
-6 kg
Last update
2026-08-07
Source: Shanghai Futures Exchange
Investment demand
Physical holdings change for major precious metals vehicles. Cadence: SEC filings / issuer daily where permitted.
| Fund | Holdings | 1W | 1M | 3M | State | As of |
|---|---|---|---|---|---|---|
GLD SPDR Gold Trust | 33.63M oz | -831.4k oz | -831.4k oz | -831.4k oz | DISTRIBUTION | 2026-03-31 |
Labels describe physical holdings change — not dollar fund flows unless a dollar series is present.
U.S. retail bullion demand
Official reported sales to authorized purchasers — retail bullion demand, not institutional demand or total U.S. physical demand.
Latest month
2025-12
Gold ounces
16,000
YoY
—
Demand state
INSUFFICIENT HISTORY
YTD units
—
MoM
+43.5%
Status
Stale
Source
U.S. Mint
Data through 2025-12
Central banks / official sector
Holdings
8133.5 t
Observation
2026-08-01
U.S. official gold reserve holdings. Quantity has been essentially static since 1999.
U.S. Department of the Treasury — Status Report of U.S. Government Gold Reserve · WGC commercial tables are not republished.
Mine supply context
Annual public-domain USGS mineral statistics for long-horizon supply context — not a daily tightness feed.
Gold
3300.0 t
2024 · +1.5% YoY
USGS source →Silver
25200.0 t
2024 · -1.1% YoY
USGS source →U.S. Geological Survey (USGS) — Mineral Commodity Summaries (public domain)
Speculative positioning
Weekly Commitments of Traders — managed money net for gold futures.
Managed Money net positioning is at the 76th percentile of the past 260 weekly reports (Heavy / ELEVATED LONG). Weekly net increased by 3,986 contracts.
Historical charts
Charts are built only from official numerical series Grey Rabbit may legally display — never copied from proprietary chart products.
Analyst take
Gold: No regional physical/futures legs are cleared yet (China physical (SGE Au99.99); India physical (IBJA Gold 999); India futures (MCX Gold)). Western XAU/USD stands alone as t…
Monetary History
Gold, silver and monetary systems through an interactive timeline, primary documents and guided reading.
Explore Monetary History →Methodology & coverage
Only datasets that are publicly available or legally displayable are shown. Missing inputs are excluded from scoring — never filled with placeholders.
Displayable
Unavailable / omitted
Deeper research: East vs. West · Inventories · ETF flows · Monetary History · Methodology
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