7 October 2022
One solid indication is when there are lots of buyers willing to pay prices far above current so-called spot prices. The theoretical “spot price” is the price per unit at which a futures contract that matures in the current month (“on the spot”) changes hands. In the COMEX, most of the trading involves 100-ounce bars. In the London Bullion Market Association, gold contracts trade 400-ounce bars.