COMEX vs LBMA: How the Two Biggest Gold Markets Actually Settle
New York and London run the world's gold market with very different settlement systems. Understanding the mechanics explains a surprising amount about price action.
Mar 20, 2026
New York and London run the world's gold market with very different settlement systems. Understanding the mechanics explains a surprising amount about price action.
Every day at 3pm London time, a small group of banks settle a benchmark that prices billions in gold contracts. Here is how the LBMA Gold Price really works.
Where does the world's gold actually sit, and who guards it? A tour through London, New York, Switzerland and Kentucky reveals an industry few investors fully understand.