The measurement in thermal equilibrium of the vacancy contribution to the residual resistivity of metals has posed certain difficulties. The recent experiment of Celasco and co-workers represents a new, powerful approach to this problem, via the measurement of the power spectrum of the voltage noise generated by resistivity fluctuations. The latter originate in vacancy number fluctuations. We develop a theory for the power spectrum, incorporating three basic features. Vacancies can be annihilated in the material and they diffuse. Grain boundaries act as sources and sinks for vacancies. Both annihilation (a form of reaction) and diffusion are noisy processes. We therefore set up and solve a reactive-diffusive stochastic equation for the instantaneous density, with appropriatefinite boundary conditions. Assuming for simplicity that the grains are spherical, the power spectrum is evaluated exactly, in closed form. A detailed comparison with experiment is made. The physical origins of different time scales in the problem and the consequent frequency regimes in the power spectrum are analysed. Recognising the very general applicability of our theory, we also mention possible applications to other problems.