Gold Market 260603

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 $4,258.10

Quotestaxes/duties

LBMA 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)

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Jun 3 Gold Vaults (ozt)​

GLD110K
COMEX30K

COMEX withdrawals are ~9% of Jun26 delivery requests
COMEX 5 DMA run rate 1,815d

COMEX 6-1​

32K ozt (1t) in MT&B

2K 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 shares
JPM:9K ozt (0.3t)
HSBC:ozt
ozt/shares ratio 0.091912 from 0.091861

I 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.

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Previous report: https://www.pmbug.com/threads/gold-market-260602.8985/