Jun 5 Gold Market Morning Snapshot
SGE Spot $4,482.20 (~$17
LBMA Spot
) SFE Futures $4,481.56 LBMA Spot $4,466.17
COMEX Jun26 Futures $4,461.90 ($4.58
LBMA Spot @ last quote)
MCX Futures $4,290.35 IBJA PM Spot $4,289.65 (~$177 LBMA Spot
)Quotes
taxes/dutiesLBMA Spot
Yesterday gold opened ~$4,500, closed ~$4,480, fell over night and has recoverde to ~$4,460 this morning.
EFP Spreads (ET)
Spot price @ 06:56 : $4,466.17
Jun26 = -$4.58 vs -$4.68 Previously (spot @ 03:28 : $4,466.48)
Jul26 = +$10.46 vs +$10.92 (spot @ 06:52 : $4,466.74)
Aug26 = +$27.33 vs +$30.97
EFP Commentary
Jun26 EFP spread holds negative (arbitrage opportunity to send gold to London/LBMA?).
India
MCX Jun26 [GOLD 1kg] : $5,047.47 (less 15% BCD+AISD = $4,290.35)
IBJA PM spot : $5,046.65 (less 15% BCD+AISD = $4,289.65)
China
SGE $4,482.20
(no VAT)SFE $4,481.56
SGE premium to LBMA spot = ~$16.60 (
from ~$10)SFE "premium" to SGE = -$0.64 (
from $16.73)~~~
Jun 5 Gold Vaults (ozt)
GLD
36KCOMEX
99KCOMEX withdrawals are currently ~3.7% of Jun26 delivery requests
COMEX 5 DMA run rate 2,611d (
from 1,771d)COMEX 6-3
1K ozt (0.04t) in Loomis101K ozt (3.1t) from Brinks (0.3K), HSBC (66K), StoneX (34K)1.6K ozt (0.05t) moved from [R] to [E] in Loomis
COMEX Run Rate
Remaining Vault Stock = 28.2M ozt (15.3M [R], 12.9M [E])
Net withdraw rate through last 5 days = 11K/day(
from 16K/day)Total vault stock run rate = 28.2M / 11K = ~2,611 (working) days
(~131 months)COMEX Jun26
Jun26 contract cumulative deliveries = 27,928
Jun26 contract equivalent ozt = 2,792,800
Actual withdrawals in Jun ozt = 103,371.25
Jun withdrawals are now ~3.7% of Jun26 delivery requests.
COMEX Commentary
Wednesday's 99K ozt net withdrawal replaces a slightly larger 125K net withdrawal in the 5 DMA window so the withdraw rate shrunk slightly.
GLD Assets
World Gold Trust Services:
600K sharesJPM:
36K ozt (1.1t)HSBC:
oztozt/shares ratio 0.091990 (
from 0.091938)GLD is nothing but outflows for at least seven days in a row now.
~~~
Previous report: https://www.pmbug.com/threads/gold-market-260604.8992/