Jul 2 Gold Market Morning Snapshot
MCX Futures $4,090.83
SFE Futures $4,079.90
COMEX Jul26 Futures $4,069.70 ($1.26
LBMA Spot @ last quote) LBMA Spot $4,062.16 SGE Spot $4,062.96 ($0.96
LBMA Spot @ 03:30)
IBJA Spot $4,053.81 (~$8.35 LBMA Spot)Quotes
taxes/dutiesLBMA Spot
Yesterday gold opened under $4,040, popped, dropped and closed ~$4,030, drifted higher over night and sits just under ~$4,060 this morning.
EFP Spreads (ET)
Spot price @ 06:48 : $4,062.16
Jul26 = +$1.26 vs -$2.06 Previously (spot @ 03:50 : $4,068.44)
Aug26 = +$14.04 vs +$11.37
Sep26 = +$28.74 vs +$27.42
EFP Commentary
Jul26 EFP spread flips back to slightly positive. No arbitrage profit to shipping COMEX gold to London.
India
MCX Aug26 [GOLD 1kg] : $4,704.45 (less 15% BCD+AISD = $4,090.83)
IBJA PM spot : $4,661.88 (less 15% BCD+AISD = $4,053.81)
China
SGE $4,062.96
(no VAT)SFE $4,079.90
SGE "premium" to LBMA spot = -$0.96 (@ 03:30 ET)
SFE premium to SGE = $16.94
~~~
Jul 2 Gold Vaults (ozt)
GLD
COMEX
COMEX withdrawals finish the month at ~25.4% of Jun26 delivery requests
COMEX 5 DMA run rate 551d (
from 426d)COMEX 6-30
oztozt2K ozt (0.8t) moved from [R] to [E] in Loomis (1K), MT&B (1K)
COMEX Run Rate
Remaining Vault Stock = 27.6M ozt (14.8M [R], 12.7M [E])
Net withdraw rate through last 5 days = 50K/day (
from 65K/day)Total vault stock run rate = 27.6M / 50K = ~551 (working) days (~27.6 months) (
from 426d)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 finish the month at ~25.4% of Jun26 delivery requests.
COMEX Commentary
Tuesday's 0 ozt net change replaces a 73K ozt net withdrawal in the 5 DMA window so the withdraw rate shrunk significantly.
GLD Assets
World Gold Trust Services:
100K sharesJPM:
oztHSBC:
oztozt/shares ratio 0.091777 (
from 0.091803)~~~
Previous report: https://www.pmbug.com/threads/gold-market-260701.9078/