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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.
Extra pad history for COMEX and LBMA
When a shop says “spot,” they are pointing at a wholesale market, not at a drawer in the back. 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.
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. Spreads in chaotic weeks. Why buy and sell differ.
A kilo is still retail. A 10 oz bar is still retail. Do not confuse a TV forklift with the object in your hand. We still test. Tungsten does not care about the acronyms.
People also ask
Does COMEX set my shop’s bid? It leads the reference. The shop adds a spread.
Is the London fix a secret? It is a published wholesale process. Not a shop conspiracy.
Why is Saturday different? Thin market plus a cushion.
Is my Eagle deliverable on COMEX? No. Different product, same metal price family.