Gold Market 260702

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)

Quotestaxes/duties

LBMA 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

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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​

ozt

ozt

2K 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 shares
JPM:ozt
HSBC:ozt
ozt/shares ratio 0.091777 (from 0.091803)

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Previous report: https://www.pmbug.com/threads/gold-market-260701.9078/