Gold Market 260608

[pmbug]

Jun 8 Gold Market Morning Snapshot​

SFE Futures $4,316.00
SGE Spot $4,311.55 (~$4 LBMA Spot)
COMEX Jun26 Futures $4,325.80 ($1.27 LBMA Spot @ last quote)
LBMA Spot $4,325.44
MCX Futures $4,210.37
IBJA PM Spot $4,192.91 (~$133 LBMA Spot)

Quotestaxes/duties

LBMA Spot ​

Last night gold crashed to ~$4,270 and has recovered to ~$4,330 this morning.

EFP Spreads (ET)​

Spot price @ 07:28 : $4,325.44

Jun26 = +$1.27 vs -$4.58 Previously (spot @ 07:22 : $4,324.53)
Jul26 = +$7.10 vs +$10.46 (spot @ 07:24 : $4,326.50)
Aug26 = +$27.66 vs +$27.33

EFP Commentary​

Jun26 EFP spread turns positive (no arbitrage profit sending gold to London/LBMA).

India ​

MCX Jun26 [GOLD 1kg] : $4,953.38 (less 15% BCD+AISD = $4,210.37)
IBJA PM spot : $4,932.83 (less 15% BCD+AISD = $4,192.91)

China ​

SGE $4,311.55(no VAT)
SFE $4,316.00

SGE premium to LBMA spot = ~$4 (from ~$16.60)
SFE premium to SGE = $4.45 (from -$0.64)


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Previous report: https://www.pmbug.com/threads/gold-market-260606.9001/

 

[Voodoo]

We did see large volumes again on Friday in that mess. However, its very curious to me the difference between OI in Gold and Silver. Someone came in and OI increased over 2,000 contracts here in Gold Friday. But yet OI in Silver (which was down much more) declined in both June and July....

I think these must be bankers buying and have been told Silver is off limits.