Commodity Exchange Inc

Gold.

Been holding this 4,400 level, an ounce, on the Comets again.

I think that's $4,450.

If it was to dip below that, then obviously we'd see a sell-off, but it is holding its own, which I'm surprised, giving the strength in the yields at the moment, although the US dollar has sort of trod water a little bit.

Is it more? Is it less? That's a question.

What happened to all the gold and silver that's been exported off the COMEX, this exodus that began in 24 and 25 and into 26? where is all the physical gold going i i know a bunch of silver probably went to jp morgan but what is the us doing if you look at exports of monetary metals Out of the U.S., it was the biggest export.

As the East is accumulating gold in a fire sale, what is the U.S. Treasury doing? Are they acquiring more gold? Are they just exporting it off the COMEX to counterparties who don't have to be revealed under the secrecy rules at the COMEX, etc., on this OTC market? My guess is we certainly know that China is stacking it at just unbelievable levels per quarter, per month, per week, and that we know that China is doing that for a reason.

We suspect that China has significantly more gold than the U.S., What is the U.S. doing with its gold is a very good question.

You can't deny the direction of the hockey puck of central banks in the East who are fed up of being the dog wagged by the tail of the U.S. dollar and the U.S. 10-year.

For many, many years since the 70s, gold was the enemy because it was a middle finger to the U.S. dollar.

It embarrassed the U.S. dollar.

And so a young Leo Malamud and a young Alan Greenspan and a young Milton Friedman got together and said, hey, let's add futures contracts at the CME and create this COMEX exchange and short just put a boot to the neck and artificially price, you know, price fix gold and silver for decades.

And what was the biggest enemy to a strong dollar was a rising gold price.

And, and so, uh, three young bucks named Leo Malamud, and a young Alan Greenspan, and a young Milton Friedman got together with the CME in Chicago and said, "Let's add futures contracts to the COMEX, and we'll put a permanent short on gold and silver." I'm sorry, that's not a conspiracy theory.

That was modus operandi for decades, from the '70s to today, till '24, where there was just legalized price fixing, and they wanted to keep the gold price down because, as a young Paul Volcker then said in the '80s, gold was the enemy What I'm trying to say today in 2026, gold is no longer the enemy.

The exorbitant privilege, the strong dollar, the strong military, all of that is openly falling in front of us for all the debt reasons and mismanager reasons.

It's not an AI IPO.

It is a monetary industrial metal that has a five billion... uh, excuse me, a one billion o- one billion ounce, um, supply and demand deficit.

So you've gotta look at these supply and demand forces which the, the COMEX can't manipulate anymore.

It's a five-year supply deficit of this metal.

And they're, and nothing's changed but the spot price at the time when gold was correcting.

So the sentiment of the gold price, which was absolutely influenced by the COMEX and the CME early in two thousand and twenty-six, trickled down into the sentiment in the mining space.

Now, as gold makes a, a correction again, it's fascinating to watch.

As investors longer term, I literally don't mean this to be smug, but we don't look at the gold price every day.

For example, what happened during this conflict and war and the sell-off in gold.

There was a sell.

That was beyond just what happened at the COMEX in, in early 2026 and the, and the embarrassingly obvious price manipulation that crushed silver overnight and how gold was affected by that.

But there was also this so-called near-term, short-term conflict in Iran, which has now dragged on for the whole year and has no end in sight.

What's interesting about that market is obviously you have very successful competing markets.

The Comex market, which is part of the CME group, has a very successful copper contract.

They've been trying to get into aluminium and nickel.

And what a lot of people do, therefore, is trade the arbitrage.

Exactly.

But, I mean, if you had taken that exact same position using a Comex gold futures contract instead, your overnight fees would've been exactly zero.

Welcome to the FXNX Trade Podcast.

Today, we're doing a data-driven deep dive into FXNX's comprehensive research on spot gold, so that's XAUUSD, versus Comex gold futures.

Yeah.

We're really stripping away the hype today to show you exactly which instrument actually matches your trading horizon.

It's not the whole market.

That makes sense.

You have to ask also why there is a move right now to de-paperize the gold market, which has been the bane of the free price discovery in gold for since the '70s.

We all know what happens on the COMEX or in the LBA markets led by the CME in Chicago.

This exodus of physical gold outside of the US, it's a major, the major US export because other sovereign nations and major whales want physical gold, not paper gold.

And China announced in June, and it became real in July, that they're creating a new settlement and clearing house in Hong Kong where they're going to trade gold based on physical properties, not the paper futures contracts that have been a open manipulation of the gold price for decades.

... is doing, love them or hate them-

Exactly

... is we're accumulating in a fire sale, which the COMEX created for the very benefit of the whales while they scared the plankton, the retail investors, out of this asset.

100%.

So, so that has been the, the big moves, uh, we've seen in recent months.

And right now, if you look at the three major futures exchanges in New York, COMEX, in London, LME-

Mm-hmm

... and Shanghai Futures Exchange, the combined copper that is now held i, in COMEX out of the total is now cl- approaching 70%.

We've never seen that before.

And we have to-

But, but it gives us a good snapshot of what's going on.

With regards to the, the LME, I, I mean, I can only imagine it's because it's sitting -- it's, even though it's l- registered and located in the US, it's sitting outside the US, uh, tax system or US, uh, system.

It leaves the markets elsewhere with less supply.

So basically what happens is, and we see this in silver, you'll see a lot of rhetoric around just, for instance, the COMEX is being drained from silver.

The reality is, is it's not being drained.

It's just being reallocated somewhere else.