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