Gold Market 260609

[pmbug]

Jun 9 Gold Market Morning Snapshot​

SFE Futures $4,350.98
SGE Spot $4,338.95 (~$11 LBMA Spot)
LBMA Spot $4,334.76
COMEX Jun26 Futures $4,327.20 ($2.01 LBMA Spot @ last quote)
MCX Futures $4,218.76
IBJA PM Spot $4,229.83 (~$109 LBMA Spot)

Quotestaxes/duties

LBMA Spot ​

Yesterday gold opened ~$4,330 and closed ~$4,340, drfite lower over night and has recovered to ~$4,330 this morning.

EFP Spreads (ET)​

Spot price @ 06:26 : $4,334.76

Jun26 = -$2.01 vs +$1.27 Previously (spot @ 05:40 : $4,329.21)
Jul26 = +$8.84 vs +$7.10 (spot @ 06:22 : $4,331.76)
Aug26 = +$21.24 vs +$27.66

EFP Commentary​

Jun26 EFP spread turns slightly negative again. It's probably not sufficient arbitrage profit to encourage sending gold to London/LBMA.

India ​

MCX Jun26 [GOLD 1kg] : $4,963.25 (less 15% BCD+AISD = $4,218.76)
IBJA PM spot : $4,976.27 (less 15% BCD+AISD = $4,229.83)

China ​

SGE $4,338.95(no VAT)
SFE $4,350.98

SGE premium to LBMA spot = ~$11 (from ~$4)
SFE premium to SGE = $12.03 (from -$4.45)


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Jun 9 Gold Vaults (ozt)​

GLD
COMEX14K

COMEX withdrawals are currently ~4.1% of Jun26 delivery requests
COMEX 5 DMA run rate 2,060d (from 2,611d)

COMEX 6-5​

ozt

14K ozt (0.4t)

102K ozt (3.2t) moved from [R] to [E] in Asahi (13K), Brinks (47K), MT&B (22K), StoneX (20K)

COMEX Run Rate​

Remaining Vault Stock = 28.2M ozt (15.2M [R], 13.1M [E])

Net withdraw rate through last 5 days = 14K/day(from 11K/day)

Total vault stock run rate = 28.2M / 14K = ~2,060 (working) days (~103 months) (from 2,611d)

COMEX Jun26​

Jun26 contract cumulative deliveries = 28,985
Jun26 contract equivalent ozt = 2,898,500
Actual withdrawals in Jun ozt = 117,782.39

Jun withdrawals are now ~4.1% of Jun26 delivery requests.

COMEX Commentary​

Friday's 14K net withdrawal replaces a zero activity day in the 5 DMA window so the withdraw rate increased. A large deposit will roll out of the 5DMA window next, so the withdraw rate could grow significantly if another net withdrawal gets posted again.

GLD Assets​

World Gold Trust Services:shares
JPM:ozt
HSBC:ozt
ozt/shares ratio 0.092273 (=from 0.092273)

Apparently, there was no activity yesterday.

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Previous report: https://www.pmbug.com/threads/gold-market-260608.9007/