What Is COMEX?
Introduction to COMEX gold and silver futures and warehouse stocks.
COMEX (Commodity Exchange, part of CME Group) is the primary U.S. futures market for gold and silver. Contracts are standardized — e.g., 100 troy ounces for gold — and traded for price discovery, hedging, and speculative positioning.
Warehouse stocks registered and eligible for delivery matter for structure analysis. Large declines in registered inventory can signal tightening available metal, though not every futures position converts to physical delivery.
The Commitments of Traders (COT) report breaks down positioning by commercial hedgers, managed money, and other categories. Combined with open interest and delivery notices, COMEX data helps map paper versus physical dynamics.
COMEX prices influence global benchmarks but do not fully represent physical premiums in Shanghai, Mumbai, or local coin markets. Use COMEX alongside Grey Rabbit Physical Markets for East–West context.