Looks like gold is getting heavy in London again

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pmbug

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The EFP spread (COMEX futures - LBMA spot) for the October 2026 Gold 100 contract blew out to -$22.67 as of yesterday morning's snapshot report (Oct 16). That's a huge arbitrage opportunity for buying the Oct26 contract, taking physical delivery and shipping the metal to sell in London (LBMA).
261016 Oct26 gold efp spread.webp

COMEX reports a huge 552 delivery notices posted for Oct26 Gold 100 contract yesterday (Oct 16).
261016 gold 100 deliveries.webp

COMEX withdrawals started picking up Oct 15. We have to wait until Monday afternoon to get the activity report for Friday Oct 16. It looks to me like withdrawals are likely going to be heavy if not for Friday then over the next week.
261015 COMEX gold withdrawals.webp

It's just one day, but the signals all point towards stress in the LBMA system with their free float gold vault stock. It's a bit surprising to me honestly as my end of September analysis indicated they should have plenty of free float vault stock. Maybe their lorry driver quit? 🤪 Or maybe it's a risk management/mitigation effort because of that duty of care/Good Delivery list lawsuit the LBMA is embroiled in.

So much happening beneath the spot price action...
 
The incomprehensible actions are IMHO, the tells of a covert manipulation or contrived shortage or flood of the metal.

It all depends on what cockamamie scheme they're hoping to run THIS time. Crash gold to scare the bugs? Drive gold prices UP, to enable the broligarchs to build bigger and better Bug-Out palaces?

We don't know. We can predict logical economic trends when they're based on economic laws and economic self-interest. We can NOT predict the brain-fog fantasy of coked-up Globalists, waking up from a coke-and-hooker binge in Davos.
 
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