Gold Market 260528

May 28 AM Gold Market​

SGE Spot $4,409.53 (~$30 LBMA Spot)
SFE Futures $4,409.43 ($0.10 SGE)
COMEX Jun26 Futures $4,396.30 (EFP spread +$1.39)
LBMA Spot $4,394.91
IBJA PM Spot (Holiday)
MCX Futures $4,280.55 (Holiday)

LBMA Spot ​

Gold was volatile at the open yesterday but settled down and closed ~$4,450, crashed to ~$4,370 over night before recovering to ~$4,400 this morning.

EFP Spreads (ET)​

Spot price @ 06:40 : $4,394.91

Jun26 = +$1.39 vs +$0.67 Previously
Jul26 = +$13.09 vs +$15.87 (spot @ 06:30 : $4,402.11)
Aug26 = +$32.59 vs +$32.57

EFP Commentary​

EFP spreads seem steady from yesterday.

India ​

MCX Jun26 [GOLD 1kg] : $5,035.94 (less 15% BCD+AISD = $4,280.55)
IBJA PM spot : Holiday

China ​

SGE $4,409.53 (no VAT)
SFE $4,409.43

SGE premium to LBMA spot = ~$30
SFE "premium" to SGE = -$0.10

~~~

May 28 Gold Vaults (ozt)​

GLD92K
COMEX659K
SFE?
LBMA???
SGE???

COMEX 5-26​

18K ozt (0.5t) in Brinks (1.5K), StoneX (16K [R])

193 ozt (0.006t) from Brinks

3.6K ozt (0.1t) moved from [R] to [E] in Brinks (3.3K), MT&B (0.3K)

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.

GLD Assets​

World Gold Trust Services:shares
JPM:92K ozt (2.9t)
HSBC:ozt

Shares are still the same as May 21, but JPM reports some vault drain. Curious.

I was looking at the wrong cell in my spreadsheet yesterday when I said that GLD isn't the outsized, 800lb gorilla like SLV is in the silver market. It actually comprises ~45% of the gold ETF vault stock in London. I will keep tabs on it daily.

SFE​

from yesterday
Remaining Vault Stock = 3,590,242 ozt

I'm not sure if I'm capturing the correct data for SFE just yet.

I noticed a huge Gold increase yesterday as I was watching the silver having to be delivered at the end of the contract. But Rafi noticed as well and already put out a video.

Voodoo said:

I noticed a huge Gold increase yesterday ...

Click to expand...

price increase? futures OI increase? vault stock increase? "gold increase" not fully defined

The OI increases 1,000 contracts yesterday in the May contract.



That's a $220 million dollar physical buy on the futures market yesterday.

OP report updated with China data

AND the price dropped badly while someone purchased $220 million. Lol, just in case you were not certainly prices are just set.