Jun 3 Gold Market Morning Snapshot
SFE Futures $4,489.00 SGE Spot $4,472.09 (~$15
LBMA Spot)
COMEX Jun26 Futures $4,462.90 ($1.31 LBMA Spot @ last quote) LBMA Spot $4,457.35
IBJA PM Spot $4,283.91 (~$174
LBMA Spot
) MCX Futures $4,258.10Quotes
taxes/dutiesLBMA Spot
Gold opened yesterday above $4,520, closed ~$4480 and has fallen to ~$4,440 this morning.
EFP Spreads (ET)
Spot price @ 06:52 : $4,457.35
Jun26 = +$1.31 vs -$1.81 Previously (spot @ 06:14 : $4,461.59)
Jul26 = +$11.11 vs +$12.26 (spot @ 06:48 : $4,455.99)
Aug26 = +$30.25 vs +$28.49
EFP Commentary
Jun26 EFP spread slips from slightly negative to slightly positive. Jul & Aug spreads hold more or less steady.
India
MCX Jun26 [GOLD 1kg] : $5,009.53 (less 15% BCD+AISD = $4,258.10)
IBJA PM spot : $5,039.89 (less 15% BCD+AISD = $4,283.91)
China
SGE $4,472.09
(no VAT)SFE $4,489.00
SGE premium to LBMA spot = ~$15 (
from ~$6)SFE premium to SGE = $16.91 (
from $16.56)~~~
Jun 3 Gold Vaults (ozt)
GLD
110KCOMEX
30KCOMEX withdrawals are ~9% of Jun26 delivery requests
COMEX 5 DMA run rate 1,815d
COMEX 6-1
32K ozt (1t) in MT&B2K ozt (0.07t) from Loomis (2K), MT&B (96)206K ozt (6.4t) moved from [R] to [E] in Brinks (62K), HSBC (83K), JPM (35K), Loomis (5K), MT&B (21K)
COMEX Run Rate
Remaining Vault Stock = 28.3M ozt (15.3M [R], 13M [E])
Net withdraw rate through last 5 days = 16K/day
Total vault stock run rate = 28.3M / 16K = ~1,815 (working) days
(~91 months)COMEX Jun26
Jun26 contract cumulative deliveries = 25,345
Jun26 contract equivalent ozt = 2,534,500
Actual withdrawals in Jun ozt = 2,186.27
Jun withdrawals are now ~9% of Jun26 delivery requests.
COMEX Commentary
Monday's 30K ozt net deposit replaces a 280K net withdrawal in the 5 DMA window so the withdraw rate shrunk greatly.
GLD Assets
World Gold Trust Services:
300K sharesJPM:
9K ozt (0.3t)HSBC:
oztozt/shares ratio 0.091912
from 0.091861I just started watching this closely a little over a week ago. So far, all vault movement occurs in JPM's London vault. Gold held in JPM's NYC vault and HSBC's London vault hold steady.
~~~
Previous report: https://www.pmbug.com/threads/gold-market-260602.8985/