Gold Market 260624

Jun 24 Gold Market Morning Snapshot​

SFE Futures $4,098.51
SGE Spot $4,087.95 ($6 LBMA Spot @ 03:30)
LBMA Spot $4,055.61
COMEX Jun26 Futures $4,058.90 ($2.76 LBMA Spot @ last quote)
MCX Futures $4,011.70
IBJA Spot $3,973.89 (~$82 LBMA Spot @ 07:00)

Quotestaxes/duties

LBMA Spot ​

Yesterday gold opened ~$4,130 and closed ~$4,110, fell over night and is ~$4,050 this morning.

EFP Spreads (ET)​

Spot price @ 07:02 : $4,055.61

Jun26 = -$2.76 vs -$4.04 Previously (spot @ 06:10 : $4,061.76)
Jul26 = +$2.34 vs -$1.94 (spot @ 06:54 : $4,055.96)
Aug26 = +$19.39 vs +$19.74

EFP Commentary​

Jun26 EFP spread holds negative as Jul spread flips back to positive.

India ​

MCX Aug26 [GOLD 1kg] : $4,719.65 (less 15% BCD+AISD = $4,011.70)
IBJA PM spot : $4,675.16 (less 15% BCD+AISD = $3,973.89)

China ​

SGE $4,087.95(no VAT)
SFE $4,098.51

SGE premium to LBMA spot = $6
SFE premium to SGE = $10.56

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Jun 24 Gold Vaults (ozt)​

GLD55K
COMEX106K

COMEX withdrawals are currently ~17.8% of Jun26 delivery requests
COMEX 5 DMA run rate 2,085d (from 5,496d)

COMEX 6-22​

1K ozt (0.04t) in Delaware [R]

107K ozt (3.3t) from JPM

ozt moved between [R] and [E]

COMEX Run Rate​

Remaining Vault Stock = 27.9M ozt (15M [R], 12.9M [E])

Net withdraw rate through last 5 days = 13K/day (from 5K/day)

Total vault stock run rate = 27.9M / 13K = ~2,085 (working) days (~104 months) (from 5,496d)

COMEX Jun26​

Jun26 contract cumulative deliveries = 38,352
Jun26 contract equivalent ozt = 3,835,200
Actual withdrawals in Jun ozt = 681,036.44

Jun withdrawals are now ~17.8% of Jun26 delivery requests.

COMEX Commentary​

Monday's 106K ozt net withdrawal replaces a 64K ozt net withdrawal in the 5 DMA window so the withdraw rate grew a little bit nominally (while more than doubling proportionately since it was already so low).

GLD Assets​

World Gold Trust Services:1.6M shares
JPM:55K ozt (1.7t)
HSBC:ozt
ozt/shares ratio 0.092215 (from 0.091650)

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Previous report: https://www.pmbug.com/threads/gold-market-260623.9048/