Gold Market 260602

Jun 2 Gold Market Morning Snapshot​

SFE Futures $4,557.84
SGE Spot $4,541.28 (~$6 LBMA Spot)
LBMA Spot $4,530.11
COMEX Jun26 Futures $4,524.20 ($1.81 LBMA Spot)
IBJA PM Spot $4,336.34 (~$194 LBMA Spot)
MCX Futures $4,324.02

Quotestaxes/duties

LBMA Spot ​

Gold opened yesterday just above $4,500, fell, recovered and closed ~$4480 then climbed higher to ~$4,530 this morning.

EFP Spreads (ET)​

Spot price @ 07:30 : $4,530.11

Jun26 = -$1.81 vs -$5.43 Previously (spot @ 06:22 : $4,526.01)
Jul26 = +$12.26 vs +$16.42 (spot @ 06:50 : $4,531.14)
Aug26 = +$28.49 vs +$28.18

EFP Commentary​

EFP spreads appear to have held more or less steady from yesterday.

India ​

MCX Jun26 [GOLD 1kg] : $5,087.09 (less 15% BCD+AISD = $4,324.02)
IBJA PM spot : $5,101.58 (less 15% BCD+AISD = $4,336.34)

China ​

SGE $4,541.28(no VAT)
SFE $4,557.84

SGE premium to LBMA spot = ~$6
SFE premium to SGE = $16.56

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Jun 2 Gold Vaults (ozt)​

GLD110K
COMEX

COMEX withdrawals are 0% of Jun26 delivery requests
COMEX run rate 365d

COMEX 5-29​

ozt

ozt

31K ozt (1t) moved from [R] to [E] in Asahi (4K), Brinks (27K), MT&B (488)

COMEX Run Rate​

Remaining Vault Stock = 28.3M ozt (15.5M [R], 12.8M [E])

Net withdraw rate through last 5 days = 78K/day

Total vault stock run rate = 28.3M / 78K = ~365 (working) days(~18 months)

COMEX Jun26​

Jun26 contract cumulative deliveries = 25,035
Jun26 contract equivalent ozt = 2,503,500
Actual withdrawals in Jun ozt = 0

Jun withdrawals are now 0% of Jun26 delivery requests.

COMEX Commentary​

Friday's zero activity replaces a 10K deposit in the 5 DMA window so the withdraw rate grew slightly.

GLD Assets​

World Gold Trust Services:100K shares
JPM:110K ozt (3.4t)
HSBC:ozt
ozt/shares ratio 0.0919

Shares down another 100K and ozt drain was larger than the share drain. The ozt/shares ratio drops a bit.

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Previous report: https://www.pmbug.com/threads/gold-market-260601.8976/