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What COMEX and LBMA have to do with the number on the shop wall
COMEX is a US futures market. LBMA is the London over-the-counter gold and silver market. Together they are the wholesale reference behind “spot.” Your shop is not COMEX. It uses that number, then adds a spread.
When a shop says “spot,” they are pointing at a wholesale market, not at a drawer in the back.
COMEX
COMEX (part of CME Group in New York) is where gold and silver futures trade in the United States. A futures contract is a standardized agreement to deliver metal later. Most contracts are closed in cash or rolled, not driven to your town in a truck. The price still leads the screen everyone watches.
LBMA
The London Bullion Market Association is the club and rulebook for the large London market — the over-the-counter market where big bars (the 400-ounce gold “Good Delivery” bar, the 1,000-ounce silver bar) change hands between banks and refiners.
If you hear “London fix” or “LBMA price,” that is this world. It is not a conspiracy. It is a wholesale plumbing system.
What that means for you
- Spot is a reference derived from those markets.
- A shop buys below and sells above.
- On weekends and after hours, the reference is thinner, so spreads widen. Weekend spot.
- Your Eagle is not a COMEX bar. It is a small, branded piece that tracks that bar’s price with a premium.
Continue in the coin and money library. Related visitor guides: for shop visitors.