May 27 AM Gold Market
SFE Futures $4,512.10 SGE Spot $4,504.72 (~$7
LBMA Spot (@1AM))
COMEX Jun26 Futures $4,454.70 (EFP spread +$0.67) LBMA Spot $4,454.03
IBJA PM Spot $4,314.79 (
LBMA Spot
) MCX Futures $4,295.13 (see commentary)LBMA Spot
Gold more or less tread water until this morning.
EFP Spreads (ET)
Spot price @ 08:30 : $4,454.03
Jun26 = +$0.67
Jul26 = +$15.87
Aug26 = +$32.57
EFP Commentary
Jun26 EFP spread was actually -$2.52 or so when I checked earlier this morning (but didn't save the futures screenshot).
India
MCX Jun26 [GOLD 1kg] : $5,053.09 (less 15% BCD+AISD = $4,295.13)
IBJA PM spot : $5,076.22 (less 15% BCD+AISD = $4,314.79)
MCX futures quote is current. IBJA spot is the fix from 2 hours earlier. I expect MCX futures was higher than spot 2 hours ago, but I didn't check it then.
China
SGE $4,504.72 (no VAT)
SFE $4,512.10
SGE premium to LBMA spot = ~$7
SFE premium to SGE = $7.38
~~~
May 27 Gold Vaults (ozt)
COMEX
659KSFE
?LBMA???
SGE???
COMEX 5-22
ozt280K ozt (8.7t) from Brinks40K ozt (1.2t) moved from [R] to [E] in Asahi (35K), StoneX (5K)
COMEX Commentary
I'm just now starting to watch COMEX gold closely. I don't have sufficient data to examine the same metrics that I'm watching for silver.
ETFs
As of May 22, gold ETFs, ETPs, ETCs with vault stock in the LBMA vaults held 72,900,377 ozt (2,267.5t). This represents ~25% of the LBMA's reported 301,320,000 ozt total gold vault stock.
GLD has the largest share of the ETP pool, but isn't the outsized, 800lb gorilla like SLV is in the silver market. Vault stock share percent of the total is spread more evenly across the gold ETPs.
I will probably only keep tabs on the ETPs at months end for now (it's a lot of work to compile the numbers manually).
SFE
from yesterdayRemaining Vault Stock = 3,590,242 ozt
I'm not sure if I'm capturing the correct data for SFE just yet.