Gold
—
Metals desk
Gold & silver desk
Prices live in the bar above. The tape is five years of COMEX. Then the 1980 highs in today’s money.
Tape
Five years of the screen
COMEX closes, not a tick tape. Spot in the bar is the same metals feed as the clock.
Silver
—
Ratio
—
Charts load from COMEX when the feed answers.
January 1980
The 1980 ATH, in today’s dollars
Gold’s London print was $850. Silver’s Hunt-era print was $49.45. CPI is official inflation. M2 is the money stock.
Gold
Printed $850 · 21 Jan 1980
Spot $4,456
CPI-adjusted all-time high
$3,627
above
M2-adjusted all-time high
$13,310
33% of ATH
Silver
Printed $49.45 · 18 Jan 1980
Spot $66.5
CPI-adjusted all-time high
$211
32% of ATH
M2-adjusted all-time high
$774
9% of ATH
CPI: FRED CPIAUCSL (2026-07 vs Jan 1980 = 78.0). M2: FRED M2SL (2026-07 vs Jan 1980 = $1,483 bn). Spot: live metals feed.
Since the Fed
The dollar since 1913
Purchasing power of $1 at the founding of the Federal Reserve. Official CPI.
Lost
97.0%
of 1913 purchasing power
Left
3.0¢
what $1 from 1913 buys now
To match $1 then
$33
today’s dollars
Purchasing power of $1 (1913 = $1.00)
Source: FRED CPIAUCNS, last observation of each year. 1913 CPI = 10.0; 2026 = 333.918. 2026 is year-to-date.
Official sector
Central bank gold
Absolute: reported net tonnes in the window. China and Poland look different here than in percent.
+346 tWGC net official demand, H1 2026 (through Jun; includes unreported)
| # | Country | Reported net | Start stock | Growth | As of |
|---|---|---|---|---|---|
| 1 | Poland | +82 t | 468 t | +17.5% | Jun 2026 |
| 2 | China | +60 t | 2,306 t | +2.6% | Jun 2026 |
Official prints only — no estimates. 2026 YTD uses the latest figure per country (PBoC/SAFE for China, WGC monthly for the rest). WGC has not published the July all-country table yet. World total is WGC GDT H1, not the sum of the table. Top 15. Compiled fallback.
Global precious metals clock
Gold is a stock. Silver is a flow.
Six numbers on the face. Boards underneath. Spot ticks. The rest is a dated print, or a dash.
Au
live
Gold spot
— — —USD / oz
15-minute print. Weekends stay last close.
Ag
live
Silver spot
— — —USD / oz
Same feed as gold. Not a tick-by-tick tape.
GSR
live
Gold–silver ratio
— — —oz Ag / oz Au
Live ratio. 15:1 is history, not a target.
Official
Dec 2025
World official gold
35,908t
Countries + IMF + ECB, one year-end vintage. Not BIS. 2026 buying is not in this stock yet.
Cover
2025
World gov debt / official gold
— — —%
IMF 2025 gross public debt vs our official book mark-to-market. Not all above-ground gold.
Silver
2024
Visible silver / a year of industry
15.3months
Identifiable bullion (vaults) ÷ 2024 fabrication. Gold has no analogue.
Stock versus flowthe spine
Gold — a stock
Almost all ever mined still exists
Official reserves
35,908t
Net official buying, YTD
346t
CB take of mine supply
24%
Investment gold per person
6.3g
Buying is WGC GDT H1 2026. Take is 2025 official / WGC mine. Grams: bars, coins, ETFs over 8.2bn people.
Silver — a flow
A large share is used up, not stored
Official silver
47t
Mine + recycle vs demand
-4,681t
Months of visible cover
15.3mo
Investment silver per person
0.15oz
2024 Silver Institute. Official sector is a rounding error. Visible ounces are vaulted bullion, not jewelry.
Who holds the goldWGC Q2 2026
Official
Jun 2026
Central banks and IFIs
18%
WGC above-ground split. Wider than our official book.
Jewelry
Jun 2026
Jewelry stock
45%
Mostly India and China. Not a vault float.
Investment
Jun 2026
Bars, coins, ETFs
23%
Other
Jun 2026
Industry, OTC, unaccounted
14%
Ratiosprice vs geology
Live
live
Gold–silver ratio
— — —×
History
const
Bimetallic mint ratio
15 : 1Ag : Au
Rome / 19th-c. US coinage. Not a forecast.
Spread
live
Today vs 15 : 1
— — —×
How many times the old mint ratio the market is paying.
Geology
2025
Mine output ratio
7.9 : 1Ag : Au
USGS 2025e: 26,000 t silver / 3,300 t gold. A byproduct fact, not fair value.
Sovereign debt vs goldtwo different stocks
World
2025
Global sovereign debt
$111TUSD
IMF WEO gross public debt, 2025. Not IIF’s larger ‘all debt’ stock.
All gold
live
Above-ground gold, mark-to-market
— — —USD
WGC Jun 2026 stock × spot. Jewelry plus vaults. Not all of it can be sold at the posted price.
Official
live
Official gold, mark-to-market
— — —USD
World official tonnes × spot. A mark, not a bid for the whole stack.
Cover
live
All gold vs world gov debt
— — —%
Cover
live
Official gold vs world gov debt
— — —%
Four printerscompiled prints
USD
2026
US M2
$23.2TUSD
FRED M2SL, compiled year. Not per-second. 2026 is latest, not a completed year.
EUR
Jul 2026
Euro-area M3
€17.6TEUR
Compiled ECB print (Jul 2026). Live feed missed; this is the seed, not a gag.
CNY
Jul 2026
China M2
CN¥355.5TCNY
PBOC Jul 2026. Dwarfs the others. Do not hide it in a world sum.
JPY
Jul 2026
Japan M2
¥1,297TJPY
BOJ Jul 2026. FRED’s Japan M2 series stopped years ago.
USD
live
Dollar vs gold since 1971
— — —% lost
Share of the 1971 gold ounce a dollar no longer buys. Bretton Woods closed 15 Aug 1971.
EUR
live
Euro vs gold since 1999
— — —% lost
First euro session, 4 Jan 1999 (~€244/oz). Gold in euros = USD gold ÷ EURUSD.
CNY
live
Yuan vs gold since 1971
— — —% lost
Official 1971 rate, not a market yuan. Same gold-window dollar as the USD tile.
JPY
live
Yen vs gold since 1971
— — —% lost
¥360 × $40.62 at the gold window. Bretton Woods closed 15 Aug 1971.
Paper is three rowsnot one multiple
COMEX Au
daily
Open interest vs registered
— — —×
No clean daily feed we trust. Futures claims vs registered metal — still a dash.
LBMA
monthly
Clearing vs vaulted gold
— — —×
Turnover, not the same as COMEX. Stays dashed until we store a dated print.
ETFs
Jun 2026
Gold ETF tonnes
4,000t
WGC above-ground split, Q2 2026. Not a daily holdings tape.
COMEX Ag
daily
Open interest vs registered
— — —×
Same gap as gold: no daily COMEX registered series in this desk.
Vaults
2024
Identifiable silver
1,239moz
Silver Institute identifiable bullion, 2024. Not a London or COMEX daily vault print.
ETFs
daily
Silver ETF tonnes
— — —t
No clean daily ETF stock we store. Identifiable silver is the yearly proxy above.
Three official booksdrill-in
Fed
Dec 2025
United States official gold
8,133t
ECB
Dec 2025
ECB gold (institution)
507t
The ECB’s own book. Eurosystem (national banks + ECB) is a larger sum, not this tile.
PBoC
Jun 2026
China reported official gold
2,346t
Latest PBoC/SAFE print. Newer than the world year-end stock.
World
Dec 2025
All official gold
35,908t
Same figure as the face. Compiled seed if GSHQ is offline.
Dashes are missing prints, not broken widgets. COMEX open interest and LBMA clearing stay empty on purpose. Desk with the figures we already store →
Money stock
Gold & silver vs US M2
All three start at 100. If gold tracks the printing press, it rides with M2.
US M2
33×
since 1971
Gold
113×
M2-implied $1,328 · actual $4,609
Silver
50×
M2-implied $45.44 · actual $69.41
— Gold— Silver– – M2100 = 1971
| Year | Gold | Silver | M2 $bn |
|---|---|---|---|
| 1971 | $40.62 | $1.39 | 710 |
| 1980 | $613 | $20.98 | 1,600 |
| 2000 | $279 | $4.95 | 4,927 |
| 2008 | $872 | $14.99 | 8,203 |
| 2011 | $1,572 | $35.12 | 9,684 |
| 2020 | $1,770 | $20.55 | 19,119 |
| 2024 | $2,386 | $28.27 | 21,488 |
| 2026 | $4,609 | $69.41 | 23,218 |
M2: FRED M2SL. CPI: FRED CPIAUCSL. Metals: annual averages (LBMA / COMEX); 2026 is latest, not a completed year. M2-implied price = start price × (M2 now ÷ M2 then). Compiled desk — not a live feed.
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