Jun 23 Gold Market Morning Snapshot
SGE Spot $4,121.40 ($4.71
LBMA Spot @ 03:30)
SFE Futures $4,119.14 LBMA Spot $4,126.96
COMEX Jun26 Futures $4,127.10 ($4.38
LBMA Spot @ last quote)
MCX Futures $4,087.67 IBJA Spot $4,047.49 (~$71 LBMA Spot @ 07:00)Quotes
taxes/dutiesLBMA Spot
Yesterday gold opened above $4,200 and closed ~$4,190, fell below $4,100 over night and has recovered a bit to ~$4,120 this morning.
EFP Spreads (ET)
Spot price @ 06:42 : $4,126.96
Jun26 = -$4.04 vs -$5.33 Previously (spot @ 06:26 : $4,131.14)
Jul26 = -$1.94 vs +$5.03 (spot @ 06:26 : $4,131.14)
Aug26 = +$19.74 vs +$21.63
EFP Commentary
Jun26 EFP spread holds negative as Jul spread also turns negative! Looks like London needs gold.
India
MCX Aug26 [GOLD 1kg] : $4,809.03 (less 15% BCD+AISD = $4,087.67)
IBJA PM spot : $4,761.75 (less 15% BCD+AISD = $4,047.49)
China
SGE $4,121.40
(no VAT)SFE $4,119.14
SGE premium to LBMA spot = $4.71
SFE "premium" to SGE = -$2.26
~~~
Jun 23 Gold Vaults (ozt)
GLD
28KCOMEX
10KCOMEX withdrawals are currently ~15% of Jun26 delivery requests
COMEX 5 DMA run rate 5,496d (
from 9,324d)COMEX 6-18
ozt10K ozt (0.3t) from Loomis97K ozt (3t) moved from [R] to [E] in Brinks (193), JPM (97K)
COMEX Run Rate
Remaining Vault Stock = 28M ozt (15M [R], 13M [E])
Net withdraw rate through last 5 days = 5K/day(
from 3K/day)Total vault stock run rate = 28M / 5K = ~5,496 (working) days (~275 months) (
from 9,324d)COMEX Jun26
Jun26 contract cumulative deliveries = 38,174
Jun26 contract equivalent ozt = 3,817,400
Actual withdrawals in Jun ozt = 574,134.36
Jun withdrawals are now ~15% of Jun26 delivery requests.
COMEX Commentary
Thursday's tiny 10K ozt net withdrawal replaces a zero activity hole in the 5 DMA window so the withdraw rate grew a little bit nominally (while almost doubling proportionately since it was already so low).
GLD Assets
World Gold Trust Services:
600K sharesJPM:
239K ozt (7.4t)HSBC:
oztozt/shares ratio 0.091650 (
from 0.091135)~~~
Previous report: https://www.pmbug.com/threads/gold-market-260619.9042/