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.
Ag tightness
Balanced
SGE
N/A
Inventories
Expanding
Latest source
Through 2026-08-27
Silver Physical Tightness
Overall
Structural
64 Tight
Availability
39 Loose
Acute Stress
Limited data
Tightness Trend Stable · Data Confidence 57%
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
STALELOOSENING
LOOSENING · HIGH · conf 60%
As-of 2026-08-05
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
WEEKLYNEUTRAL
NEUTRAL · LOW · 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 2025-11
Retail demand only — not institutional demand.
Mine supply
STALEFLAT
NEUTRAL · LOW · 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
STALETIGHTENING
TIGHTENING · MODERATE · conf 56%
As-of 2026-08-07
Divergences
Western vs eastern inventory
London vault holdings are building while SHFE warehouse stocks are drawing — east-west inventory components diverge.
London vaults: LOOSENING ↔ Eastern inventory: TIGHTENING
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 rebuilding
Registered 99,789,567 oz
Updated Aug 5
Open module →
Gold 113.6 t · Silver 4238.8 t
Au Δ -6 kg · Ag Δ -69,872 kg
Updated Aug 7
Open module →
Gold 9464.3 t · Silver 28081.6 t
Reported monthly, one month in arrears.
Updated Jun 1
Open module →
Awaiting first verified observation
Official Au99.99 daily report — not intraday delayed quotes
Open module →
Awaiting first verified GFEX futures observation
Rights cleared for platinum/palladium scope — no Gold/Silver invented
Open module →
Managed Money net positioning is at the 37th percentile of the past 260 weekly reports (Neutral / NEUTRAL). Weekly net increased by 537 contracts.
Report week 2026-08-18
Updated Aug 18
Open module →
Registered 99,789,567 oz deliverable float
Registered + eligible warehouse metal — not mine production
Updated Aug 5
Open module →
Regional pricing
Official-source collectors only. Western OTC is not the LBMA official fix.
Western spot (XAG/USD)
—
Western OTC spot
Cleared markets
1
3 blocked / pending
London official fix
Not included
Not included in hub compact projection
| Market | USD/oz | Premium | Status |
|---|---|---|---|
China physical (SGE silver) SGE silver physical benchmark is not approved. No equivalent will be invented — remains blocked until an exact instrument and rights are cleared. | — | — | Blocked — rights SGE silver physical benchmark is not approved. No equivalent will be invented — remains blocked until an exact instrument and rights are cleared. |
India futures (MCX Silver) 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 Silver) 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 (XAG/USD) XAG/USD | $69.04 | +0.00% | Available XAG/USD |
Silver: No regional physical/futures legs are cleared yet (China physical (SGE silver); India futures (MCX Silver); United States futures (COMEX Silver)). Western XAG/USD stands a…
COMEX Intelligence
Licensed CME inventories + CFTC open interest — not futures prices.
Grey Rabbit Take
Registered float rebuilding
LBMA vaults
Reporting month: 2026-06 · monthly cadence
Silver
28081.6 t
Silver 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
BUILDING
London vaults
BUILDING
ETF metal (SLV)
DISTRIBUTING
COMEX as-of — · LBMA 2026-06 · SLV 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
BUILDING
Western ETF metal (SLV)
DISTRIBUTING
China delivery activity
INSUFFICIENT_HISTORY
China inventory (SHFE)
DRAWING
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.
SGE Premium
No approved SGE silver physical instrument is configured. Silver China physical remains blocked — we will not invent an equivalent.
SHFE
Latest inventory
4,238.76 t
Weekly change
-69,872 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 |
|---|---|---|---|---|---|---|
SLV iShares Silver Trust | 490.99M oz | -37.70M oz | -37.70M oz | -37.70M 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
2025-11
Silver ounces
749,500
YoY
—
Demand state
INSUFFICIENT HISTORY
YTD units
—
MoM
-47.4%
Status
Stale
Source
U.S. Mint
Data through 2025-12
Official Sector
U.S. official gold reserves are gold-only. No silver official-sector equivalent is published in this hub.
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 silver futures.
Managed Money net positioning is at the 37th percentile of the past 260 weekly reports (Neutral / NEUTRAL). Weekly net increased by 537 contracts.
Historical charts
Charts are built only from official numerical series Grey Rabbit may legally display — never copied from proprietary chart products.
Analyst take
Silver: No regional physical/futures legs are cleared yet (China physical (SGE silver); India futures (MCX Silver); United States futures (COMEX Silver)). Western XAG/USD stands a…
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
Grey Rabbit Markets provides independent market research and educational content. Nothing on this website constitutes investment, legal, tax, or financial advice. Past performance does not guarantee future results.