Gold Market 260618

Jun 18 Gold Market Morning Snapshot​

SFE Futures ? (No report from Bai this morning)
SGE Spot ? (No report from Bai this morning)
LBMA Spot $4,262.57
COMEX Jun26 Futures $4,295.90 ($5.33 LBMA Spot @ last quote)
MCX Futures $4,203.75
IBJA Spot $4,147.54 (~$115 LBMA Spot)

Quotestaxes/duties

LBMA Spot ​

Yesterday gold opened ~$4,330 and after some FOMC volatility, closed ~$4,250, climbed to ~$4,320 over night and drifted back down to ~$4,260 this morning.

EFP Spreads (ET)​

Spot price @ 06:48 : $4,262.57

Jun26 = -$5.33 vs -$4.38 Previously (spot @ 02:08 : $4,301.23)
Jul26 = +$5.03 vs +$3.33 (spot @ 06:32 : $4,264.97)
Aug26 = +$21.63 vs +$19.65

EFP Commentary​

Jun26 EFP spread moves ~$1 more negative as Jul & Aug spreads expand slightly. Looks like the COMEX gold stock bleeding should continue.

India ​

MCX Aug26 [GOLD 1kg] : $4,945.59 (less 15% BCD+AISD = $4,203.75)
IBJA PM spot : $4,879.46 (less 15% BCD+AISD = $4,147.54)

China ​

No report from Bai this morning.

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Jun 18 Gold Vaults (ozt)​

GLD
COMEX3K

COMEX withdrawals are currently ~15.4% of Jun26 delivery requests
COMEX 5 DMA run rate 963d (from 383d)

COMEX 6-16​

ozt

3K ozt (0.1t) from Brinks

193K ozt (6t) moved from [R] to [E] in Asahi (60K), Brinks (133K)

COMEX Run Rate​

Remaining Vault Stock = 28M ozt (15.2M [R], 12.7M [E])

Net withdraw rate through last 5 days = 29K/day(from 73K/day)

Total vault stock run rate = 28M / 29K = ~963 (working) days (~48 months) (from 383d)

COMEX Jun26​

Jun26 contract cumulative deliveries = 36,590
Jun26 contract equivalent ozt = 3,659,000
Actual withdrawals in Jun ozt = 563,042.27

Jun withdrawals are now ~15.4% of Jun26 delivery requests.

COMEX Commentary​

Tuesday's tiny 3K net withdrawal replaces a huge 223K net withdrawal in the 5 DMA window so the withdraw rate shrunk significantly.

GLD Assets​

World Gold Trust Services:300K shares
JPM:ozt
HSBC:ozt
ozt/shares ratio 0.091725 (from 0.091803)

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Previous report: https://www.pmbug.com/threads/gold-market-260617.9036/