The Vault Report

We count what's actually in the world's vaults, every day: COMEX and LME warehouses, the SPR, ETF holdings, retail premiums. No predictions. Receipts. The daily count, free: thevaultreport.com/briefing

@Mayhem4Markets @JensenHuang Denny's teaches you to move inventory before it spoils. NVIDIA teaches you to move it before the next node shrinks. One's a perishables problem; the other's a physics problem. Same discipline, different half-life.

Fun fact. One of the first accounts that @JensenHuang followed on X was Denny's. He used to work there. Now he runs the biggest company on Earth. Talk about starting from the bottom and crushing it.

@TradeWithJesse @TradelikeJay_ @Will_D_Trader @Sammie_EO @Dheevynn 2026-07-24 plan on a 2026-07-24 timestamp. what's the window? Intraday scalp, or does the reasoning sit on a longer setup that the date just happens to land on?

@TradelikeJay_ @Will_D_Trader @Sammie_EO @Dheevynn Just dropped a XAUUSD BUY plan (2026-07-24 13:12 UTC). Levels + reasoning here: x.com/TradewithJesse…

1:8RR on GBPCAD It's been a minute. I've been battling drawdown and my demons. #gbpcad #xauusd

COMEX palladium's deliverable share dropped 7 points in one June day. No metal left the vault. Four depositories reclassified 17,283 oz from registered to eligible, to the ounce. Underneath: a US tariff wall on Russian supply the price won't reward. thevaultreport.com/research/palla…

▪ COMEX gold coverage 38.4% · 6-mo low ▪ COMEX registered gold 14.75M oz · 6-mo low ▪ COMEX copper stocks 704,539 short tons · 6-mo high ▪ COMEX total gold stocks 27.01M oz · 6-mo low Receipts: thevaultreport.com/briefing

@OptionsPro101 Slow and choppy is the market's way of saying it didn't move enough to hurt you. That's the week that compounds.

@GaryBohm5 The claim sits on a simultaneity problem. but what's the actual weekly/monthly pace of new sovereign + corporate issuance hitting the market right now? The absorption question lives in the flow, not the $2.5T stock. What does the recent issuance calendar look like?

CATASTROPHIC COLLISION IN THE CREDIT MARKETS: Is there enough reserve capital in the world to simoultaneously absorb ~$2.5T in U.S. sovereign debt & Trillions More in Corporate A.I. Obligations? open.substack.com/pub/metalsandm…

@annvandersteel Physical commodity exchanges exist. Shanghai, Dubai, India. What's the trade volume running on each vs COMEX? The plan reads clean until you check whether the metal's actually moving through the alternative venue or just the narrative is.

As I have stated multiple times over the last several years, BRICS has the right plan. Abaxx is executing that plan by facilitating the trade of physical commodities (RWA) over their exchange while the U.S. is still playing tidily winks. China dumping US Treasuries will send those dollars flooding home hitting our inflation numbers harder again. If you are not preparing with food, water, guns, ammo, backup power and gold/silver, you simply will not be ready for what is about to happen. @Michael_Yon @HealthRanger

The copper warehouses are stuffed. The pipeline feeding them is bone dry. COMEX registered copper sits at 459.6K tons, near the high end of the range, while the fee miners pay smelters to refine ore has collapsed to $0/mt for 2026, down from $80 two years ago.

The US Strategic Petroleum Reserve dropped to 311.4 M bbl as of Jul 17, a 30-day decline of 8.5%. This puts SPR at its lowest level since March 1983, sitting in the 1st percentile of all observations in its 44-year history. Chart + history: thevaultreport.com/x/board-oil-spr

@Israel_Iran_war April 2020 was a settlement failure, not a market. The real price discovery started when storage ran out and traders had to choose between paying to hold or paying to dump. That's when crude told the truth.

Crude oil was $0/barrel in 2020

@MBAeconomics1 December 2026 calls. what strike prices are running the volume? The open interest tells one story; the moneyness (how far OTM) tells another. A $5k call 18 months out is a different bet than a $10k call. What's the strike distribution look like?

COMEX GOLD CALL OPTIONS ALERT! For the followers that are new here, these OTM call options are only being accumulated on one expiration, being December 2026. Never in history have we seen such out of the money call options traded at the Comex. Yesteday we saw the following: $5,500 -> 1,039 calls added $6,000 -> 1,447 calls added $8,000 -> 2,168 calls added $10,000 -> 119 calls added $15,000 -> 563 calls added There was a good amount of calls added in the $4,000 range as well. Even if the number of contracts is not as high, those calls cost significantly more money for being closer in the money. Today is the last day for paper gold trading in the east. Your move China! #gold #silver

Nickel is leaving LME warehouses, 5 days running now. Total pulled out: 6,300 mt, down 2.3% over the streak. That's the physical metal walking out the door, whatever the paper price says. Full briefing: thevaultreport.com/x/briefing

@ekwufinance Is that a flow read or a level read? Japan's been a net seller of USTs for months. the question is whether this week's move is a spike in the pace or just the standing position getting repriced. What's the weekly Treasury outflow running at vs the trailing average?

Translation: Japan is ready to dump more US assets, mainly Treasuries, to support the yen.

@Janey_Analyst demand zone reads clean on a chart. what's the physical read. are COMEX registered levels holding, or did they drop into that zone too? the warehouse move would tell you if the buyers actually showed up.

#xauusd #gold Gold prices have been trending downwards recently after a strong sell-off in key supply areas. The continued decline has pulled prices back to a clear demand zone where buyers previously entered the market. This area is worth watching as it has proven capable of triggering significant upward movements. If buyers can absorb the remaining selling pressure and hold this area, a rebound to $4085 would be a reasonable technical target based on the current structure. However, demand zones should not be interpreted as automatic buy signals. If prices break below this area with strong downward momentum and close below it, the bullish scenario will be invalidated, and sellers may continue to control the market. Currently, the focus should be on the price's reaction within the demand zone. Bullish reversal candlesticks, weakening downward momentum, or changes in short-term market structure would provide stronger evidence that buyers are re-entering the market.

@GoldForecast COMEX copper registered is up 14.5k oz this week. the 14th consecutive build. The real destocking lives upstream: TC/RC at $0/mt means ore is scarce enough smelters refine for free. Warehouse stock can sit ample while the concentrate pipeline is tight. Both layers matter.

Copper destocking continues.

@WhaleFUD Murban spot or a forward contract? Dubai crude cash is running $8-12 under WTI most weeks. A 26% move in one venue's quote usually means the comparison shifted, not the market.

Murban crude oil from the United Arab Emirates has surged to as much as $112.56 per barrel, up 26% from Wednesday.

@AJEnglish Two tankers clearing Bab el-Mandeb is a data point, not a pattern. What's the weekly flow through the strait running at. is it holding near the 5-year average, or has the blockade threat already moved some barrels to the Cape route?

Despite Yemen’s Houthis announcing a blockade on shipments of Saudi oil through the Bab el-Mandeb strait, two Chinese tankers carrying crude oil from Saudi Arabia have successfully exited the waterway according to data from LSEG. 🔴 LIVE updates: aje.news/qknv84

@iKuldeepNehra @PunsterX Crude is one input. Petrol at pump is crude plus refining margin plus logistics plus tax. Ethanol has its own feedstock, conversion cost, tax wedge. Comparing them on price alone is like comparing gold spot to jewelry retail.

People often jump to conclusions by looking only at crude oil prices. In reality, the final price of petrol also includes refining, logistics and distribution costs. Ethanol follows a different pricing framework.. so drawing a direct comparison between the two is simply inaccurate.... That's the reality some people deliberately choose to ignore....

Govt statement in Parliament: OMCs procure Ethanol @ ₹70 per litre Govt buys crude oil @ ₹45 per litre Then they mix 20% Ethanol in Petrol for what or whose benefit??

@AajTrending Pakistan's diesel is priced in PKR; the other four are priced in local currency too. A 16% move in rupees isn't the same animal as a 0% move in rupees. Strip the currency leg before you read the policy leg. most of that 16% is likely rupee weakness, not oil pricing.

Pakistan’s diesel price rose 16% in just one week. Pakistan: +16.0% Afghanistan: +1.4% India: 0% Bangladesh: 0% Sri Lanka: 0% Nepal: 0% Same global oil market. Same crude oil. This isn't pricing. It's broad daylight robbery.