Jul 3 Gold Market Morning Snapshot
MCX Futures $4,198.32
SFE Futures $4,181.07 SGE Spot $4,175.84 ($1.54
LBMA Spot @ 03:30)
LBMA Spot $4,175.88 IBJA Spot $4,158.54 (~$17.34
LBMA Spot)
COMEX Jul26 Futures $4,139.00 ($41.62 LBMA Spot @ last quote)
Quotes
taxes/dutiesLBMA Spot
Yesterday gold opened ~$4,060, popped and closed ~$4,120, popped again over night and sits ~$4,175 this morning.
EFP Spreads (ET)
Spot price @ 06:48 : $4,175.88
Jul26 = -$41.62 vs +$1.26 Previously (spot @ 20:40 July 2 : $4,180.62)
Aug26 = +$11.92 vs +$14.04
Sep26 = +$25.92 vs +$28.74
EFP Commentary
Jul26 EFP spread flips hugely negative! That should definitely be sufficient arbitrage profit to encourage shipping COMEX gold to London.
India
MCX Aug26 [GOLD 1kg] : $4,828.07 (less 15% BCD+AISD = $4,198.32)
IBJA PM spot : $4,782.32 (less 15% BCD+AISD = $4,158.54)
China
SGE $4,175.84
(no VAT)SFE $4,181.07
SGE premium to LBMA spot = $1.54 (@ 03:30 ET)
SFE premium to SGE = $5.23
~~~
Jul 3 Gold Vaults (ozt)
GLD
9KCOMEX
99KCOMEX withdrawals start the month at ~15.2% of Jul26 delivery requests
COMEX 5 DMA run rate 394d (
from 551d)COMEX 7-1
34K ozt (1.1t) in MT&B133K ozt (4.1t) from Asahi (101K), HSBC (32K)moved between [R] and [E]COMEX Run Rate
Remaining Vault Stock = 27.5M ozt (14.8M [R], 12.6M [E])
Net withdraw rate through last 5 days = 70K/day (
from 50K/day)Total vault stock run rate = 27.5M / 70K = ~394 (working) days (~19.7 months) (
from 551d)COMEX Jul26
Jul26 contract cumulative deliveries = 8,741
Jul26 contract equivalent ozt = 874,100
Actual withdrawals in Jul ozt = 133,149.44
Jul withdrawals start the month at ~15.2% of Jul26 delivery requests.
COMEX Commentary
Wednesday's 99K ozt net withdrawal replaces a 32 ozt net withdrawal in the 5 DMA window so the withdraw rate grew significantly.
GLD Assets
World Gold Trust Services:
1.4M sharesJPM:
9K ozt (0.3t)HSBC:
oztozt/shares ratio 0.092170 (
from 0.091777)~~~
Previous report: https://www.pmbug.com/threads/gold-market-260702.9079/