How far can COMEX move the goalposts until they run out of playing field?

Contrary to accepted wisdom, not each commodity futures markets run the aforesaid way. In the West, bullion markets are based connected a recognition model, wherever customers clasp insubstantial claims connected the clearing bank, specified arsenic the UK London Bullion Market Association (LBMA) oregon the US COMEX (CME Group). Historically, 99% of transactions settee arsenic bookkeeping ledger entries.

In China, the Shanghai Futures Exchange (SHFE) is predicated connected an ownership model. Sellers are required to deposit carnal golden oregon silver. 90% of trades effect successful carnal delivery. India and Dubai run successful a akin fashion. Ironically, the conception of insubstantial wealth originated successful 7th Century Tang Dynasty China.

The backwardation of the metallic market, which started successful Q4 2025, has lone accrued since, with carnal spot trades successful China settling astatine a 12-13% premium implicit futures terms quotes. This inclination has dispersed globally, and is present threatening the stableness of the COMEX. As a result, ETFs holding carnal silver, specified arsenic Sprott Physical Silver Trust (NYSE: PSLV), which allows investors to redeem their shares successful carnal silver, and GraniteShares Gold Trust (NYSE: BAR), which owns some carnal golden and metallic bullion, would beryllium the beneficiaries of a terms spike that could marque GameStop’s look mundane by comparison.

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