Gold Market 260701

Jul 1 Gold Market Morning Snapshot​

MCX Futures $4,063.77
IBJA Spot $4,024.64 (~$31 LBMA Spot)
SFE Futures $3,978.58
SGE Spot $3,967.97 ($3.50 LBMA Spot @ 03:30)
LBMA Spot $3,993.23
COMEX Jul26 Futures $3,974.60 ($2.06 LBMA Spot @ last quote)

Quotestaxes/duties

LBMA Spot ​

Yesterday gold opened under $4,040, closed ~$4,006, fell to ~$3,960 over night and climbed back to ~$4,012 this morning.

EFP Spreads (ET)​

Spot price @ 06:50 : $3,993.23

Jul26 = -$2.06 vs -$14.76 Previously (spot @ 04:40 : $3,976.66)
Aug26 = +$11.37 vs +$5.74
Sep26 = +$27.42 vs +$17.34 (spot @ 06:34 : $3,989.88)

EFP Commentary​

Jul26 EFP spread contracts, but remains negative. Will gold flow from the COMEX to London (LBMA)?

India ​

MCX Aug26 [GOLD 1kg] : $4,673.34 (less 15% BCD+AISD = $4,063.77)
IBJA PM spot : $4,628.34 (less 15% BCD+AISD = $4,024.64)

China ​

SGE $3,967.97(no VAT)
SFE $3,978.58

SGE premium to LBMA spot = +$3.50 (@ 03:30 ET)
SFE premium to SGE = $10.61

~~~

Jul 1 Gold Vaults (ozt)​

GLD64K
COMEX117K

COMEX withdrawals are currently ~25.4% of Jun26 delivery requests
COMEX 5 DMA run rate 426d (from 444d)

COMEX 6-29​

32K ozt (1t) in Asahi [R]

149K ozt (4.6t) from Brinks (133K), Loomis (16K)

8K ozt (0.2t) moved from [E] to [R] in Brinks

COMEX Run Rate​

Remaining Vault Stock = 27.6M ozt (14.8M [R], 12.7M [E])

Net withdraw rate through last 5 days = 65K/day (from 62K/day)

Total vault stock run rate = 27.6M / 65K = ~426 (working) days (~21.3 months) (from 444d)

COMEX Jun26​

Jun26 contract cumulative deliveries = 40,841
Jun26 contract equivalent ozt = 4,084,100
Actual withdrawals in Jun ozt = 1,035,856.94

Jun withdrawals are now ~25.4% of Jun26 delivery requests.

COMEX Commentary​

Monday's 117K ozt net withdrawal replaces a 106K ozt net withdrawal in the 5 DMA window so the withdraw rate grew slightly.

GLD Assets​

World Gold Trust Services:shares
JPM:64K ozt (2t)
HSBC:ozt
ozt/shares ratio 0.091803 (from 0.091986)

~~~

Previous report: https://www.pmbug.com/threads/gold-market-260630.9074/