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What are COMEX gold futures?

COMEX gold futures are contracts that specify the future delivery of gold for a preset price. These futures can be used to speculate on gold’s price or hedge against lower prices on gold you already own. The Commodity Exchange, Inc., or COMEX, is a division of the Chicago Mercantile Exchange.

How much is a COMEX gold contract worth?

You purchase futures contracts on margin and must keep a relatively small cash deposit in a brokerage account to serve as collateral. Each COMEX gold contract controls 100 troy ounces of at least 995 fineness gold. If gold is priced at $1,700 an ounce, a gold contract is valued at $170,000.

Where does Comex store gold?

COMEX stores metals inseveral vaults in the greater NYC area. The exchange designates all bullion stored within these vaults in two categories: registered gold and eligible gold. COMEX labels gold that is acceptable for delivery under a futures contract as eligible.

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