Price of gold Comex fake gold price is based on paper contracts not real gold. It is a sham and you are wasting your money on gold/silver stocks. The spot price of gold is determined using a gold futures contract. Exchange-traded futures contracts, such as those that trade on the COMEX Exchange, are used to provide spot gold prices. The spot, or live gold price, may be represented using a front month, or near-term contract month. Conversely, they may also be derived from a deferred month contract. Many mining companies have been destroyed by comex. Until mining companies start challenging comex in the courts you will lose.