Gold Market 260616

[pmbug]

Jun 16 Gold Market Morning Snapshot​

LBMA Spot $4,340.92
COMEX Jun26 Futures $4,343.60 ($0.59 LBMA Spot @ last quote)
SFE Futures $4,332.94
SGE Spot $4,325.49 ($4.25 LBMA Spot @ 03:30)
MCX Futures $4,279.07
IBJA Spot $4,213.27 (~$128 LBMA Spot)

Quotestaxes/duties

LBMA Spot ​

Yesterday gold opened ~$4,340 and closed ~$4,310, dipped to ~$4,300 over night and has recovered back to ~$4,340 this morning.

EFP Spreads (ET)​

Spot price @ 07:24 : $4,340.92

Jun26 = -$0.59 vs -$3.52 Previously (spot @ 06:28 : $4,344.19)
Jul26 = +$4.80 vs +$3.41 (spot @ 07:12 : $4,341.10)
Aug26 = +$19.58 vs +$20.31

EFP Commentary​

Jun26 EFP spread contracts this morning, but remains negative. Will it encourage the COMEX 4 day vault stock bleeding streak to continue?

India ​

MCX Aug26 [GOLD 1kg] : $5,034.20 (less 15% BCD+AISD = $4,279.07)
IBJA PM spot : $4,956.79 (less 15% BCD+AISD = $4,213.27)

China ​

SGE $4,325.49(no VAT)
SFE $4,332.94

SGE "premium" to LBMA spot = -$4.25
SFE premium to SGE = $7.45

SGE < LBMA at 3:30AM ET


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Jun 16 Gold Vaults (ozt)​

GLD
COMEX64K

COMEX withdrawals are currently ~15.5% of Jun26 delivery requests
COMEX 5 DMA run rate 528d (from 652d)

COMEX 6-12​

ozt

64K ozt (2t)

moved between [E] and [R]

COMEX Run Rate​

Remaining Vault Stock = 28M ozt (15.4M [R], 12.5M [E])

Net withdraw rate through last 5 days = 53K/day(from 43K/day)

Total vault stock run rate = 28M / 53K = ~528 (working) days (~27 months) (from 652d)

COMEX Jun26​

Jun26 contract cumulative deliveries = 35,363
Jun26 contract equivalent ozt = 3,536,300
Actual withdrawals in Jun ozt = 549,474.54

Jun withdrawals are now ~15.5% of Jun26 delivery requests.

COMEX Commentary​

Friday's 64K net withdrawal replaces a 14K net withdrawal in the 5 DMA window so the withdraw rate grew a bit.

GLD Assets​

World Gold Trust Services:500K shares
JPM:ozt
HSBC:ozt
ozt/shares ratio 0.091932 (from 0.091803)

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Previous report: https://www.pmbug.com/threads/gold-market-260615.9032/