Jun 4 Gold Market Morning Snapshot
Quotes
LBMA Spot
Yesterday gold opened ~$4,460, closed ~$4,440 and has climbed to ~$4,500 this morning.
EFP Spreads (ET)
Spot price @ 08:16 : $4,492.03
Jun26 = -$4.68 vs +$1.31 Previously (spot @ 08:06 : $4,503.08)
Jul26 = +$10.92 vs +$11.11 (spot @ 08:14 : $4,492.48)
Aug26 = +$30.97 vs +$30.25
EFP Commentary
Jun26 EFP spread turns negative (arbitrage opportunity to send gold to London/LBMA?). Jul & Aug spreads hold more or less steady.
India
MCX Jun26 [GOLD 1kg] : $5,061.52 (less 15% BCD+AISD = $4,302.29)
IBJA PM spot : $5,074.55 (less 15% BCD+AISD = $4,313.37)
China
SGE $4,476.22
SFE $4,492.95
SGE premium to LBMA spot = ~$10 (
SFE premium to SGE = $16.73 (
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Jun 4 Gold Vaults (ozt)
GLD
COMEX
COMEX withdrawals are ~0.1% of Jun26 delivery requests
COMEX 5 DMA run rate 1,771d (
COMEX 6-2
3K ozt (0.1t) moved from [R] to [E] in Delaware (0.5K), MT&B (2.9K)
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 = ~1,771 (working) days
COMEX Jun26
Jun26 contract cumulative deliveries = 27,659
Jun26 contract equivalent ozt = 2,765,900
Actual withdrawals in Jun ozt = 2,829.29
Jun withdrawals are now ~0.1% of Jun26 delivery requests.
I made an error yesterday with the decimal position. Yesterday the withdrawals were ~0.09%, not ~9%.
COMEX Commentary
Tuesday's 16K ozt net deposit replaces a slightly larger 17K net deposit in the 5 DMA window so the withdraw rate grew very slightly.
GLD Assets
World Gold Trust Services:
JPM:
HSBC:
ozt/shares ratio 0.091938 (
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-260603.8988/