COMEX (Commodity Exchange) is the primary futures exchange for trading gold, silver, copper, and aluminum in the United States. It is a division of the CME Group (Chicago Mercantile Exchange).
Why COMEX Matters
COMEX futures contracts are the primary mechanism for price discovery in precious metals. The "spot price" you see quoted on financial websites is largely derived from COMEX trading activity.
Key COMEX Contract Sizes
| Metal | Standard Contract | Mini Contract |
|---|---|---|
| Gold | 100 troy ounces | 10 troy ounces |
| Silver | 5,000 troy ounces | 1,000 troy ounces |
Physical Delivery
While most COMEX contracts are settled in cash, investors can request physical delivery. COMEX-deliverable gold bars must be 100 oz and meet specific purity standards. COMEX-deliverable silver bars are 1,000 oz.
COMEX and Physical Premiums
When demand for physical metal exceeds what COMEX inventories can supply, premiums on physical products tend to rise — sometimes dramatically.