Gold Market 260528

[pmbug]

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.

 

[Voodoo]

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.

 

[pmbug]

I noticed a huge Gold increase yesterday ...

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

 

[Voodoo]

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



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

 

[pmbug]

OP report updated with China data

 

[Voodoo]

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