Gold Market 260623

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)

Quotestaxes/duties

LBMA 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

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Jun 23 Gold Vaults (ozt)​

GLD28K
COMEX10K

COMEX withdrawals are currently ~15% of Jun26 delivery requests
COMEX 5 DMA run rate 5,496d (from 9,324d)

COMEX 6-18​

ozt

10K ozt (0.3t) from Loomis

97K 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 shares
JPM:239K ozt (7.4t)
HSBC:ozt
ozt/shares ratio 0.091650 (from 0.091135)

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Previous report: https://www.pmbug.com/threads/gold-market-260619.9042/