Global Vault Holdings
Gold & Silver physical inventory across London (LBMA), New York (COMEX) & Shanghai (SHFE)
London (LBMA) Gold Trend
Monthly gold holdings in tonnes — since July 2016
New York (COMEX) Gold Trend
Daily registered + eligible gold inventory in tonnes — COMEX warehouses
Shanghai (SHFE) Gold Trend
Weekly warehouse warrant weights in tonnes — Shanghai Futures Exchange
Vault Comparison
Compare gold holdings across global vaults. Select at least 2 vaults.
Monthly Inventory Changes
Month-over-month gold tonnage changes across selected vaults (last 3 years)
Historical Data
Monthly gold vault holdings — London, New York & Shanghai
Understanding Vault Holdings & Trading Signals
What are London Vaults (LBMA)?
The LBMA (London Bullion Market Association) publishes monthly reports of all gold and silver stored across London — the Bank of England plus 7 LBMA-approved custodians. This is the world's largest physical gold storage hub.
- London holds ~9,000 tonnes of gold — roughly 8-9x more than COMEX
- Gold bars are 400oz Good Delivery standard (12.5kg each, worth ~$1M at $2,800/oz)
- Data published on the 5th business day of each month (covers prior month)
- LBMA reports total inventory only — no registered/eligible split
What are COMEX Vaults (New York)?
COMEX (part of CME Group) operates approved warehouses in New York where physical gold and silver is stored for futures delivery. Unlike LBMA, COMEX reports daily and splits inventory into two categories.
- COMEX holds ~1,000t gold and ~10,000-15,000t silver across multiple vault operators
- Gold contracts = 100 troy oz each; Silver contracts = 5,000 troy oz each
- Data published daily (same day) by CME Group
- Inventory split into Registered and Eligible categories
What is SHFE (Shanghai)?
The Shanghai Futures Exchange (SHFE) is China's primary commodity futures exchange and the third-largest precious metals storage hub globally. SHFE warehouses store physical gold and silver backing futures contracts traded in Shanghai.
- SHFE reports weekly warehouse warrant weights (kg, converted to tonnes on this page)
- Unlike COMEX, there is no registered/eligible distinction — total warrant stock only
- Data published weekly (Friday/Saturday)
- Shanghai gold stocks reflect China's domestic demand — the world's largest gold consumer
- When Shanghai stocks decline, it signals strong Chinese physical demand absorbing supply
Registered vs Eligible Explained
Metal with warrants filed, sitting in the deliverable pool. When a futures contract goes to delivery, warrants from this pool get assigned. This is the "for sale" inventory. When Registered drops, fewer bars can settle futures — tighter supply.
Real, verified physical metal in approved vaults without warrants. The owner hasn't made it available for delivery. It can be withdrawn, converted to Registered (by filing warrants), or left stored. Rising eligible = owners hoarding.
The "Vault Drain" Signal
When London gold declines while COMEX gold rises simultaneously, physical metal is being shipped across the Atlantic. This happens when COMEX futures trade at a premium to London spot — traders buy cheap in London, ship to New York, and deliver against expensive futures contracts. With three vaults tracked (London, New York, Shanghai), the picture becomes clearer: metal can flow in a triangle — London to New York, Shanghai to London, or even direct Shanghai to COMEX routes.
- London declining + COMEX rising (vault drain)
- London/COMEX ratio dropping sharply (e.g. 9x to 5x)
- Sustained LBMA monthly outflows (>3 months)
- Both London + COMEX silver declining (structural deficit)
- Shanghai stocks declining = strong Chinese demand
- London stable/rising + COMEX stable (no drain)
- London/COMEX ratio expanding (metal flowing back)
- Sustained LBMA monthly inflows
- All three vaults accumulating metal (oversupply)
- Shanghai stocks rising = weak Chinese demand
How to Read Monthly Changes
The monthly changes chart shows how much metal flowed in or out of each vault system. Positive bars = metal deposited (inflow), negative bars = metal withdrawn (outflow).
Silver Structural Deficit
London silver peaked at approximately 37,000 tonnes in 2021 and has been declining since. This is driven by industrial demand — solar panels, electronics, EVs — consuming silver faster than mining can replace it.
Data Sources & Timing
- Source: lbma.org.uk
- Frequency: Monthly
- Published: 5th business day of each month
- Coverage: Prior month's end-of-month inventory
- Source: CME Group
- Frequency: Daily (business days)
- Published: Same day
- Coverage: End-of-day vault positions
- Source: Shanghai Futures Exchange (with GoldSilver.ai fallback)
- Frequency: Weekly
- Published: Friday/Saturday
- Coverage: Warehouse warrant weights
Disclaimer: This data is for informational and educational purposes only. It does not constitute investment advice. Futures trading involves substantial risk. Past vault flow patterns do not guarantee future results. Always do your own research and consider consulting a licensed financial advisor.