Gold Market 260612

[pmbug]

Jun 12 Gold Market Morning Snapshot​

SFE Futures $4,194.45
SGE Spot $4,177.79 (~$2.60 LBMA Spot @ 03:30)
LBMA Spot $4,202.75
COMEX Jun26 Futures $4,225.30 ($0.88 LBMA Spot @ last quote)
MCX Futures $4,177.93
IBJA Spot $4,106.71 (~$96 LBMA Spot)

Quotestaxes/duties

LBMA Spot ​

Yesterday gold opened under $4,100 and closed just over ~$4,200, and is just about ~$4,200 this morning.

EFP Spreads (ET)​

Spot price @ 07:28 : $4,202.75

Jun26 = -$0.88 vs -$4.40 Previously (spot @ 05:42 : $4,226.18)
Jul26 = +$5.10 vs +$9.05
Aug26 = +$20.03 vs +$19.28

EFP Commentary​

Jun26 EFP spread constricts back towards zero. The spread on this contract seems somewhat volatile (with large daily variance).

India ​

MCX Aug26 [GOLD 1kg] : $4,915.21 (less 15% BCD+AISD = $4,177.93)
IBJA PM spot : $4,831.42 (less 15% BCD+AISD = $4,106.71)

China ​

SGE $4,177.79(no VAT)
SFE $4,194.45

SGE premium to LBMA spot = ~$2.60 (from ~$2)
SFE premium to SGE = $16.66 (from -$3.76)

China gold market premiums on the rise this morning.


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Jun 12 Gold Vaults (ozt)​

GLD92K
COMEX67K

COMEX withdrawals are currently ~14.6% of Jun26 delivery requests
COMEX 5 DMA run rate 652d (from 568d)

COMEX 6-10​

ozt

67K ozt (2.1t) from JPM (35K), Loomis (32K)

253Kozt (7.9t) moved from [E] to [R] in Brinks (249K), JPM (5K)

COMEX Run Rate​

Remaining Vault Stock = 28M ozt (15.4M [R], 12.6M [E])

Net withdraw rate through last 5 days = 43K/day(from 49K/day)

Total vault stock run rate = 28M / 43K = ~652 (working) days (~33 months) (from 568d)

COMEX Jun26​

Jun26 contract cumulative deliveries = 33,224
Jun26 contract equivalent ozt = 3,322,400
Actual withdrawals in Jun ozt = 485,172.54

Jun withdrawals are now ~14.6% of Jun26 delivery requests.

COMEX Commentary​

Wednesday's 67K net withdrawal replaces a larger 99K ozt withdrawal in the 5 DMA window so the withdraw rate shrunk slightly.

Deliveries against the Jun26 contract grew by over 10% yesterday with 3,561 deliveries posted. I'm not sure what that means, but it seems significant being (on average) around 10x greater than what has been posted most days this month so far.

GLD Assets​

World Gold Trust Services:shares
JPM:92K ozt (2.9t)
HSBC:ozt
ozt/shares ratio 0.091803 (from 0.092062)

JPM sheds another ~100K ozt gold, but WGTS doesn't lose any shares. The ozt/shares ratio drops accordingly.

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Previous report: https://www.pmbug.com/threads/gold-market-260611.9016/

 

[Voodoo]

Well our Big Comex Silver buyer seems to have disappeared (or been banned) but they are going hard for Gold still.
Looks like someone/s wanted almost a Half Billion in immediate delivery yesterday.