Skip to main content

The browser you are using is out of date. It has disadvantages and a limited feature set. You will not see all the features of this website. Learn how to update your browser.

Goldhub
X
  • Global
  • 中国
  • 日本
  • Sign In
  • Register

Goldhub Menu

  • Home
  • Data
    • Price and premium
      • Gold spot prices
      • Local gold price premium/discount
      • Gold futures prices
    • Performance metrics
      • Returns
      • Volatility
      • Correlations
      • Trading volume
    • Demand and supply
      • Supply and Demand Statistics
      • ETF Holdings and Flows
      • Production costs
      • Futures positioning
      • Above-ground stocks
    • Central banks
      • Central bank holdings
      • 2021 Central Bank Gold Survey
  • Research
    • Gold Demand Trends
    • Demand and supply
    • ESG
    • Research Team
    • Gold Investor
    • Gold as a strategic asset
  • Tools
    • Gold valuation
    • Portfolio Simulator
      • FAQs
      • Video
    • Return Attribution Model
  • ESG
    • Responsible Sourcing
    • Social and Economic Impacts
    • Gold and Climate Change Research
  • Insights
  • Events
    • Past Events
  • World Gold Council

    Gold Industry & Corporate

  • Goldhub

    Professional Investors

  • Invest.gold

    Individual Investors

Gold Spot price

Last Updated

 

-

AWAITED

The gold prices used in this table and chart are supplied by FastMarkets. Where the gold price is presented in currencies other than the US dollar, it is converted into the local currency unit using the foreign exchange rate at the time (or as close to as possible).
Currency Mid price
USD AWAITED
GBP AWAITED
AUD AWAITED
CAD AWAITED
CHF AWAITED
EUR AWAITED
JPY AWAITED
ZAR AWAITED
INR AWAITED
CNY AWAITED
HKD AWAITED
Price and performance data

Breadcrumb

  1. Goldhub
  2. Insights
  3. What a ride it has been for GCM0, the June-expiry Comex #gold contract. One month ago it

What a ride it has been for GCM0, the June-expiry Comex #gold contract. One month ago it

Select keyword
  • Performance & pricing
  • Central banks
  • Demand & supply
  • Strategic case of gold
  • Gold & inflation
  • ETFs
  • Policy
  • Mining
  • Event updates
  • Gold in tech & healthcare
  • ESG & climate change
  • India market
  • China market
  • Gender equality
Select Author
Adam Perlaky Adam Perlaky
Adam Webb Adam Webb
Alistair Hewitt Alistair Hewitt
Aliya Moldabekova
Andrew Naylor
Bharat Iyer
Bobir Abubakirov
Chan Sai-Cheong Chan Sai-Cheong
Charles Crowson
Charlie Morris
Claire Lincoln
Dr Duvvuri Subbarao Dr Duvvuri Subbarao
Dr Lu Zhengwei
Dr Parag Khanna
Dr Tatiana Fic
Edward Bickham
EY Canada
Gerry Chen Gerry Chen
Hannah Brandstaetter
Harry Tchilinguirian
Isabelle Strauss-Kahn Isabelle Strauss-Kahn
Jeff Swinoga
Jennifer Johnson-Calari
Jeremy De Pessemier
Jody Kuzenko
Johan Palmberg
John Mulligan
John Reade John Reade
Jordan Eliseo
Joseph Cavatoni
Juan Carlos Artigas
Ken Rogoff
Krishan Gopaul
Kurtulus Taskale Diamondopoulos
Louise Street
Madame Wu, Xiaoling Madame Wu, Xiaoling
Mukesh Kumar
Pacome Breton
Paul Fisher
Peter Sinclair
Qixiu Tay
Ray Jia Ray Jia
Rumi Mahmood
Samim Abedi Samim Abedi
Shaokai Fan
Somasundaram PR
Stéphane Monier
Terry Heymann
Thomas Kertsos
Trevor Keel Trevor Keel
Vishal Jain
World Gold Council
Select date

2023

  • March
  • February
  • January

2022

  • December
  • November
  • October
  • September
  • August
  • July
  • June
  • May
  • April
  • March
  • February
  • January

2021

  • December
  • November
  • October
  • September
  • August
  • July
  • June
  • May
  • April
  • March
  • February
  • January

2020

  • December
  • November
  • October
  • September
  • August
  • July
  • June
  • May
  • April
  • March
  • February
  • January

2019

  • December
  • November
  • October
  • September
  • August
  • July
  • June
  • May
  • April
  • March
  • February
  • January

2018

  • October

What a ride it has been for GCM0, the June-expiry Comex #gold contract. One month ago it

John Reade
John Reade
Chief Market Strategist World Gold Council
https://twitter.com/JReade_WGC

Read on twitter Follow @JReade_WGC

2 years 10 months ago

What a ride it has been for GCM0, the June-expiry Comex #gold contract.

One month ago it was trading at a $15/oz premium to the spot gold price.

Now it's trading at a $10/oz discount.

(short thread) https://t.co/X4Xy8kwOtO

no info for image
John Reade
John Reade
Chief Market Strategist World Gold Council
https://twitter.com/JReade_WGC

Read on twitter Follow @JReade_WGC

2 years 10 months ago

I’ve had a few questions this morning about

“why is the Comex future trading at a discount to spot”

The short answer is that we are nearing first notice for Jun, so specs and investors are selling Jun and buying August.

This is pushing the Jun lower, hence the discount.

John Reade
John Reade
Chief Market Strategist World Gold Council
https://twitter.com/JReade_WGC

Read on twitter Follow @JReade_WGC

2 years 10 months ago

This screenshot of the contract table shows that much of the aggregate open interest has been rolled into August, but there is still nearly 100k lots left (as of 26 May). https://t.co/zwXmis12j6

no info for image
John Reade
John Reade
Chief Market Strategist World Gold Council
https://twitter.com/JReade_WGC

Read on twitter Follow @JReade_WGC

2 years 10 months ago

As we've said previously, very few longs on Comex stand for delivery, so most of these contracts will probably need to be rolled, and with the first notice day approaching (29 May), the June contract will likely under pressure for the next few days. https://t.co/3FYYeSgNtG

no info for image
John Reade
John Reade
Chief Market Strategist World Gold Council
https://twitter.com/JReade_WGC

Read on twitter Follow @JReade_WGC

2 years 10 months ago

Why is this contract maturity proving so difficult?

I think the problem comes from a lack of risk appetite from banks that are normally very active in arbitraging this market against the OTC price.

The blow out in the EFP in March has reduced risk appetite.

John Reade
John Reade
Chief Market Strategist World Gold Council
https://twitter.com/JReade_WGC

Read on twitter Follow @JReade_WGC

2 years 10 months ago

Here's a chart of the cost of rolling a Jun long into Aug. https://t.co/iMbXCyiF0x

no info for image
John Reade
John Reade
Chief Market Strategist World Gold Council
https://twitter.com/JReade_WGC

Read on twitter Follow @JReade_WGC

2 years 10 months ago

I think this is another demonstration of just how badly the EFP blowout in March has affected the #gold market, especially the Comex futures market, although OTC liquidity has fallen too.

John Reade
John Reade
Chief Market Strategist World Gold Council
https://twitter.com/JReade_WGC

Read on twitter Follow @JReade_WGC

2 years 10 months ago

It also makes me wonder what all that gold that went to New York for? It looks like the longs are not standing for delivery after all.

(graph of Comex #gold stocks in millions of ounces). https://t.co/LbTrqwWusu

no info for image
John Reade
John Reade
Chief Market Strategist World Gold Council
https://twitter.com/JReade_WGC

Read on twitter Follow @JReade_WGC

2 years 10 months ago

Gold remains a large, liquid market but, as this thread has shown, it's not functioning as well as it used to. This appears to be a particular problem for futures market speculators and investors and may partly explain heavy US-listed ETF buying over the past three months.

John Reade
John Reade
Chief Market Strategist World Gold Council
https://twitter.com/JReade_WGC

Read on twitter Follow @JReade_WGC

2 years 10 months ago

We will continue to monitor this situation and will tweet about it here and write about it on #Goldhub and its #blog.

https://t.co/PAIsceHxuu https://t.co/hKZM6KEnEm

no info for image

More by John Reade

Back to top

Receive the newest data and research in your inbox

Helping you stay informed about the gold industry’s latest news and updates.

SIGN UP

Follow Us

  • Twitter
  • Facebook
  • LinkedIn
  • WeChat
World Gold Council

Goldhub

  • Home
  • Data
  • Research
  • Tools
  • ESG
  • Insights
  • Events

Information

  • Values

    • Accessibility
    • COVID-19 Statement
    • Human Rights Statement
    • Modern Slavery Statement
    • Expectations of Suppliers
  • Legal

    • Cookies
    • Privacy
    • Terms & Conditions
  • Contact us
  • Sitemap

沪ICP备16026324号-1

公安备案号31010602004116

©2023 World Gold Council. All Rights Reserved