The Unites States is a top producer of gold, behind China and Australia respectively.įrom 1792-1971, the United States had a bimetallic standard, meaning that all paper currency was backed up with its face value in gold. Nearly all gold that has been mined throughout history is still existence in the world today because of its indestructibility. Gold is mined on every land except for Antarctica. Gold is normally used in jewelry, electronics, and reflective glass. Gold is a significant industrial commodity as it can conduct both heat and electricity. It is genuine by air, heat, moisture and most solvents. Gold is extremely valued because of its beauty, strength, density and infrequency. Notably, a steadily increasing share of COMEX volume is transacted during Asian market hours reflecting the exchange’s success of tapping into Asian market growth. Only a small number of contracts physically settle into the delivery of bars into COMEX vaults but the market is nonetheless tightly linked to physical markets through a very active Exchange for Physical (EFP) market.
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Trading activity on COMEX is primarily concentrated on the ‘active month’ contract which acts as a proxy for the spot price. COMEX Gold Exchangeĭespite London’s leading role in the physical market, the COMEX derivatives exchange has become an increasingly important. These markets include more than 90% of worldwide buying and selling volumes and are complemented by smaller secondary market centers around the world.
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The three major gold buying and selling centers are the London OTC marketplace, the US futures market and the Shanghai Gold Exchange (SGE). The landscape for wholesale gold trading is pretty complex and continuously evolving.
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Gold futures are standardized, exchange-traded contracts in which the contract buyer agrees to take delivery, from the seller, a specific quantity of gold at a predetermined price on a future delivery date. Gold Futures Live Chart COMEX Gold Technical Analysis About Gold Futures What is Gold Futures? Gold Futures Prices