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HomeBriefingPortfolio

Metals Terminal

Precious and base metals analytics, mining equities, and macro overlays

Mining Stocks Heatmap

Miner vs Metal Ratios

Gold Miners / Gold (GDX/GLD)

Silver Miners / Silver (SIL/SLV)

Gold Macro Overlay

Mining Cost Curve

MetalSpot PriceAISCMarginMargin %
Gold$2,950$1,500+$1,450+97%
Silver$33.5$27.0+$6.5+24%
Copper$4.85$3.25+$1.60+49%
Platinum$1,020$1,050$30.0-3%
Palladium$970.0$1,100$130.0-12%

AISC = All-In Sustaining Cost, the industry-average cost to produce one unit

Central Bank Gold Activity

Quarterly Net Purchases (tonnes)

Top Buyers by Country (annual tonnes)

2025
2024

Top Holders

CountryReserves (t)Gold % of Reserves
United States8,13374.0%
Germany3,35272.0%
Italy2,45268.0%
France2,43767.0%
Russia2,33638.0%
China2,3067.7%
Switzerland1,0407.0%
India88011.5%
Japan8464.5%
Turkey64135.0%
Poland55027.0%
Czech Republic1659.5%

Central banks have been net buyers for 15 consecutive years, purchasing 1,000+ tonnes annually since 2022

COMEX Warehouse Stocks

38.4M oz74.3K oz (-0.2%)vs prior month
Registered
Eligible

LME Warehouse Stocks

Physical ETF Holdings

Current Holdings
1,096.5t
30d Change
+6.3t
Interpretation
Investment demand increasing

Correlation Matrix

GoldSilverCopperPlatinumDXY10Y YieldS&P 500
Gold
1.00
0.88
0.42
0.72
-0.38
-0.28
0.15
Silver
0.88
1.00
0.65
0.78
-0.35
-0.22
0.25
Copper
0.42
0.65
1.00
0.55
-0.48
0.30
0.52
Platinum
0.72
0.78
0.55
1.00
-0.32
-0.18
0.30
DXY
-0.38
-0.35
-0.48
-0.32
1.00
0.60
-0.25
10Y Yield
-0.28
-0.22
0.30
-0.18
0.60
1.00
0.15
S&P 500
0.15
0.25
0.52
0.30
-0.25
0.15
1.00
-1.0
+1.0

COT Positioning Z-Scores

Regime Signals

ESTIMATED
GoldBullish
Gold/Silver Ratio89.3
COT Net Speculative+22.8K contracts
GDX/GLD RelativeMiners outperforming
DXY TrendWeakening
Real Yields (10Y TIPS)Declining
Central Bank Buying863t/yr pace
4 bullish / 1 bearish / 1 neutral
SilverBullish
Gold/Silver Ratio89.3 (silver cheap)
COT Net Speculative+18.5K contracts
SIL/SLV RelativeInline
Industrial DemandSolar + EV growth
DXY TrendWeakening
ETF HoldingsDeclining
3 bullish / 1 bearish / 2 neutral
CopperNeutral
Copper/Gold Ratio0.0015 (low)
COT Net Speculative+12.3K contracts
China PMI49.8 (contracting)
COMEX InventoryDeclining
LME StocksNear 5yr lows
Electrification DemandGrowing 4%/yr
3 bullish / 2 bearish / 1 neutral

Battery Metals

Lithium, cobalt, nickel compounds and EV supply chain

View Battery Metals →

Rare Earths

NdPr, dysprosium, terbium and magnet supply

View Rare Earths →

Macro Context

DXY, yields, and macro-commodity correlations

View Macro →