# The Vault Report — Physical Precious Metals Premiums with Tax-Wedge Decomposition

> The Vault Report — Physical Precious Metals Premiums with Tax-Wedge Decomposition is a paid API for AI agents from thevaultreport.com, paid per call via x402, $0.02/call, status unknown (last checked 2026-09-14).

Returns physical precious metal premiums over COMEX by venue (Shanghai, Tokyo, India, London), broken into gross premium, embedded tax wedge (import duty/VAT/consumption tax), and ex-tax market premium — isolating real physical demand from tax distortion.

## Facts

- Endpoint: GET https://thevaultreport.com/api/x402/premiums
- Price: $0.02/call
- Payment: x402
- Status: unknown
- Last checked: 2026-09-14
- Activations on Zero: 0
- Tags: x402
- Canonical page: https://www.zero.xyz/c/the-vault-report-physical-precious-metals-premiums-with-tax-wedge-ddc14ddb
- Structured record (JSON): https://api.zero.xyz/v1/capabilities/cap_Zfo0_IpEm3ndMMojqJsip

Status and success rate cover calls made through Zero and Zero's own probes. Third-party monitors may report differently.

## How to call it through Zero

Zero handles the 402 payment challenge and records the run. With the Zero CLI installed (`npm i -g @zeroxyz/cli`):

```sh
zero fetch --capability the-vault-report-physical-precious-metals-premiums-with-tax-wedge-ddc14ddb
```

Example prompt: Pull the physical gold premiums for all venues from The Vault Report and break out how much of each regional premium is due to import duties or VAT versus actual physical market demand.

## When to prefer this

Use this endpoint when you need to distinguish genuine physical demand from tax-driven price distortions in international precious metals markets — especially when comparing premiums across jurisdictions with very different duty/VAT regimes (India import duty, Chinese VAT, Japanese consumption tax). Prefer this over generic spot-price APIs when the analytical goal is understanding cross-border arbitrage or real supply/demand pressure rather than just price levels.

## Known failure modes

- Invalid metal enum value returns a validation error
- No data available for a specific venue/metal combination returns empty rows array
- Upstream data source unavailability may return stale or missing timestamps
- Network or payment authentication failure (x402) returns 402 Payment Required

## How this service works

Physical premiums with tax-wedge decomposition: for each venue (Shanghai/Tokyo/India/London) the gross premium over COMEX, the embedded import-duty/VAT/consumption-tax wedge, and the ex-tax 'market' premium — the real physical-demand signal after stripping tax distortion. Optional ?metal=gold|silver|platinum|palladium.

## Output

A JSON array of rows, one per venue per metal, each containing: venue name, metal, as-of timestamp, price in USD/oz, gross premium % over COMEX, and ex-tax (market) premium % after subtracting the embedded import-duty/VAT/consumption-tax wedge. Also includes source attribution, license info, and generation timestamp.

## Request schema (JSON Schema)

```json
{
 "type": "object",
 "$schema": "https://json-schema.org/draft/2020-12/schema",
 "required": [
  "input"
 ],
 "properties": {
  "input": {
   "type": "object",
   "required": [
    "type",
    "method"
   ],
   "properties": {
    "type": {
     "type": "string",
     "const": "http"
    },
    "method": {
     "enum": [
      "GET"
     ],
     "type": "string"
    },
    "queryParams": {
     "type": "object",
     "properties": {
      "metal": {
       "enum": [
        "gold",
        "silver",
        "copper",
        "platinum"
       ],
       "type": "string",
       "example": "gold"
      }
     }
    }
   },
   "additionalProperties": false
  },
  "output": {
   "type": "object",
   "required": [
    "type"
   ],
   "properties": {
    "type": {
     "type": "string"
    },
    "example": {
     "type": "object",
     "required": [
      "endpoint",
      "rows"
     ],
     "properties": {
      "note": {
       "type": "string"
      },
      "rows": {
       "type": "array",
       "items": {
        "type": "object",
        "properties": {
         "unit": {
          "type": "string"
         },
         "as_of": {
          "type": "string",
          "format": "date-time"
         },
         "metal": {
          "type": "string"
         },
         "venue": {
          "type": "string"
         },
         "source": {
          "type": "string"
         },
         "contract": {
          "type": "string"
         },
         "currency": {
          "type": "string"
         },
         "usd_per_oz": {
          "type": "number"
         },
         "local_price": {
          "type": "number"
         },
         "wedge_label": {
          "type": "string"
         },
         "tax_wedge_pct": {
          "type": "number"
         },
         "gross_premium_pct": {
          "type": "number"
         },
         "ex_tax_premium_pct": {
          "type": "number"
         },
         "comex_ref_usd_per_oz": {
          "type": "number"
         }
        }
       }
      },
      "source": {
       "type": "string"
      },
      "license": {
       "type": "string"
      },
      "endpoint": {
       "type": "string"
      },
      "returned": {
       "type": "integer"
      },
      "source_url": {
       "type": "string"
      },
      "attribution": {
       "type": "string"
      },
      "generated_at": {
       "type": "string",
       "format": "date-time"
      },
      "schema_version": {
       "type": "integer"
      }
 
… (truncated)
```

## Response schema (JSON Schema)

```json
{
 "type": "json",
 "example": {
  "rows": [
   {
    "as_of": "2026-04-18",
    "metal": "GOLD",
    "venue": "Shanghai",
    "source": "sina_shfe",
    "price_usd_per_oz": 3412.8,
    "gross_premium_pct": 13.6,
    "ex_tax_premium_pct": 0.6
   }
  ],
  "source": "The Vault Report",
  "license": "CC BY 4.0",
  "endpoint": "premiums",
  "returned": 1,
  "source_url": "https://thevaultreport.com",
  "attribution": "Attribute to The Vault Report with a link to https://thevaultreport.com",
  "generated_at": "2026-04-18T14:00:00Z",
  "schema_version": 1
 }
}
```

## More

- Live health (JSON, refreshed every minute): https://www.zero.xyz/c/the-vault-report-physical-precious-metals-premiums-with-tax-wedge-ddc14ddb/health.json
- [Zero catalog index](https://www.zero.xyz/llms.txt)
- [Other services from thevaultreport.com](https://www.zero.xyz/host/thevaultreport.com/llms.txt)