In New York, the precious metals market is an important part. COMEX today merged with the NYMEX are a major stock exchange in the quotation of the price of gold, silver and platinum. Orobel presents these exchanges.
What is the COMEX ?
The COMEX, New York Commodity Exchange abbreviation was founded in New York in 1933. Its history is closely linked to the history of gold prices. Indeed in 1933, US President Roosevelt made gold ownership ban and requisitioned all the gold of American citizens. This ban will be effective until 1974, when US citizens are again allowed to own gold after 40 years of bans (Decree Roosevelt in 1933).
That same year of 1974, the First Oil Shock wake inflation and the New York Commodity Exchange becomes a very important commodity. Options on futures on gold are launched there in 1982. COMEX becomes very important place of speculation in precious metals (gold, silver, platinum).
COMEX has been criticized for its indirect responsibility in the Squeeze, extensive market manipulation performed by the Hunt brothers silver metal on the course in 1980.
COMEX saw its name removed after merging with another scholarship of the city, which had seen strong growth in the field of oil and gas products, the New York Mercantile Exchange (NYMEX).
The merger with the NYMEX
The NYMEX is the abbreviation for New York Mercantile Exchange. As the name suggests, it is based in New York. The financial center was founded in 1872 and formerly known as the Butter and Cheese Exchange. His mission was to standardize exchanges between traders of dairy products. It was renamed 10 years later NYMEX following the entry of agricultural origin products.
Today, the NYMEX no longer offers contracts on agricultural commodities. Its activities were refocused goshawks industrial products such as energy (oil, natural gas, electricity) and precious metals (gold, silver, platinum …).
This is the last stock market of this size to use the method at the auction, brokers transactions establish the means of bodily signs unlike electronic exchanges such as Euronext.
What is the GLOBEX ?
The GLOBEX platform is the exchange of securities and futures contracts. It adds value and exchange securities and futures continuously, by accessing when opened in different markets, opening out to continue trading and exchange and enables OTC trading. It is accessible to the world.