What does Comex stand for?

COMEX is the primary futures and options market for trading metals such as gold, silver, copper, and aluminum. COMEX is an abbreviation of the exchange's full name: The Commodity Exchange Inc. COMEX merged with the New York Mercantile Exchange (NYMEX) in 1994 and became the platform responsible for its metals trading.

What do you know about Comex & New York Mercantile Exchange (NYMEX)?

What you need to know about COMEX... In 1994 the COMEX merged with the New York Mercantile Exchange (NYMEX), creating the world’s largest physical futures trading exchange. From the 1970s to 1990s the COMEX and NYMEX shared a single trading floor in the World Trade Centre, but moved to a new building before the 9/11 terror attacks.

How is a spot price different from a COMEX price?

It is different from a Comex price in that it is for the immediate delivery of gold, not a future delivery. The spot price is a function of demand for gold versus the supply available. The higher the demand, the higher the price goes, unless there is an unexpected increase in worldwide supply.

Does Comex sell gold?

Comex, part of the CME Group, specializes in gold, silver and copper futures contracts and options. Investors do not buy gold immediately through Comex. Instead, they buy and sell financial instruments that depend on the future price of gold.