🟡 Gold inventories in Shanghai are surging. Deliverable gold at the Shanghai Futures Exchange (warehouse warrants) has climbed to a record ~104 tonnes. Warrants representing physical gold stored in exchange-approved vaults are up more than 500% since mid-2025. For perspective: until Q2 2024, deliverable gold had remained below 5 tonnes for years. The surge comes amid strong demand for physical gold in China. Physical gold activity is accelerating. 📈

🟡 Gold inventories in Shanghai are surging.

Deliverable gold at the Shanghai Futures Exchange (warehouse warrants) has climbed to a record ~104 tonnes.

Warrants representing physical gold stored in exchange-approved vaults are up more than 500% since mid-2025.

For perspective: until Q2 2024, deliverable gold had remained below 5 tonnes for years.

The surge comes amid strong demand for physical gold in China.
Physical gold activity is accelerating. 📈