Gold Market 260617

Jun 17 Gold Market Morning Snapshot​

SFE Futures $4,338.56
LBMA Spot $4,328.65
SGE Spot $4,324.11 ($4.35 LBMA Spot @ 03:30)
COMEX Jun26 Futures $4,322.40 ($4.38 LBMA Spot @ last quote)
MCX Futures $4,273.70
IBJA Spot $4,200.20 (~$128 LBMA Spot)

Quotestaxes/duties

LBMA Spot ​

Yesterday gold opened ~$4,340 and closed ~$4,330, and remains ~$4,330 this morning.

EFP Spreads (ET)​

Spot price @ 06:28 : $4,328.65

Jun26 = -$4.38 vs -$0.59 Previously (spot @ 04:00 : $4,326.78)
Jul26 = +$3.33 vs +$4.80 (spot @ 06:18 : $4,328.17)
Aug26 = +$19.65 vs +$19.58

EFP Commentary​

Jun26 EFP spread moves back to firmly negative. Looks like the COMEX gold stock bleeding will continue.

India ​

MCX Aug26 [GOLD 1kg] : $5,027.88 (less 15% BCD+AISD = $4,273.70)
IBJA PM spot : $4,941.42 (less 15% BCD+AISD = $4,200.20)

China ​

SGE $4,324.11(no VAT)
SFE $4,338.56

SGE "premium" to LBMA spot = -$4.35 (from -$4.25)
SFE premium to SGE = $14.45 (from $7.45)

SGE < LBMA at 3:30AM ET

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Jun 17 Gold Vaults (ozt)​

GLD
COMEX10K

COMEX withdrawals are currently ~15.8% of Jun26 delivery requests
COMEX 5 DMA run rate 383d (from 528d)

COMEX 6-15​

ozt

10K ozt (0.3t) from Loomis

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 = 73K/day(from 53K/day)

Total vault stock run rate = 28M / 73K = ~383 (working) days (~19 months) (from 528d)

COMEX Jun26​

Jun26 contract cumulative deliveries = 35,456
Jun26 contract equivalent ozt = 3,545,600
Actual withdrawals in Jun ozt = 559,634.26

Jun withdrawals are now ~15.8% of Jun26 delivery requests.

COMEX Commentary​

Monday's 10K net withdrawal replaces a 90K net deposit in the 5 DMA window so the withdraw rate grew significantly.

GLD Assets​

World Gold Trust Services:shares
JPM:46K ozt (1.4t)
HSBC:ozt
ozt/shares ratio 0.091803 (from 0.091932)

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Previous report: https://www.pmbug.com/threads/gold-market-260616.9034/