Why Did COMEX Really Delist Those London Gold Contracts? [And What This Means for YOU]

COMEX cut ties with London Gold—and it wasn’t random.

It removed several Gold contracts tied to London—right when Gold hit $3,000 and rumors of physical tightness escalated.

On paper, it’s just “low volume.” But the timing is… curious, to say the least.

Let’s break down

• what’s really going on,

• what it means for the future of the Gold market,

• and how you can adjust your trading strategies in 2025.

What COMEX Delisted and Why (on Paper)

In mid-March 2025, CME Group’s COMEX exchange removed four niche precious metals contracts from its product list:​

• Gold Kilo Futures (GCK) – a contract for 1 kilogram of Gold (popular in Asian markets).

• London Spot Gold Futures (GSP) – a futures contract mimicking the London spot Gold price.

• London Spot Silver Futures (SSP) – similarly, a contract tied to London spot silver (5,000 oz).

• Cleared OTC London Gold Forwards (GB) – a clearing service for London Gold forwards (an attempt to bring OTC Gold trading onto CME clearing).

According to the official notice, there was “no open interest” left in these contracts​. In other words, nobody was trading them. So COMEX framed it as routine cleanup—removing dead weight to simplify the lineup.

The core contracts—100 oz Gold (GC) and 5,000 oz Silver (SI)—are still untouched and very liquid. This cut only affects the London-linked side products that never really took off.

COMEX has done this kind of spring cleaning before. Back in 2010, for example, it they axed low-volume contracts like e-minis and Asia-focused futures. Just housekeeping.

But this time? The timing feels off:

• Gold’s hitting record highs.

• Central banks are hoarding it.

• Basel III made physical Gold a “zero-risk” asset for banks.

And now, out of nowhere, COMEX drops these London-linked contracts?

Suspicious Timing: Gold Hits $3,000 and COMEX Bails on London

Early 2025 has been wild for Gold.

After years of testing resistance, the metal finally smashed through the $3,000/oz barrier.

On the same day COMEX announced its delistings, Gold hit an all-time high of $3,004.86/oz intraday. U.S. futures settled just over $3,000 — a massive milestone in a market that spent most of the last decade well below that level.

But it wasn’t just prices going vertical.

Physical gold started flying — literally — from London to New York. By February, around 14 million ounces (about 435 tons) had flooded into COMEX warehouses. The rush came after Trump’s election win and threats of new tariffs, spooking investors into moving metal out of the UK.

The demand was so intense, London vaults had to tap central bank reserves, triggering delays and long lines at the Bank of England.​

Are We Running Out of Gold? The Truth Behind London’s Supply Crisis—And How to Profit from It

Now, put yourself in COMEX’s shoes: London — the heart of global physical Gold trade — was clearly under strain. Gold demand was exploding. Talk of tight supplies was spreading.

And right in the middle of it all, COMEX pulls the plug on its London-linked contracts?

That’s not just routine “low volume” cleanup.

That’s a strategic retreat. It’s as if COMEX saw smoke and decided to fireproof their house.

The official line may be “low volume,” but many suspect the exchange was also keen to distance itself from any brewing London liquidity crisis. COMEX is effectively saying: “We don’t trust London’s paper anymore.”

Reading Between the Lines: What COMEX Might Really Be Doing

Traders have plenty of theories about why COMEX pulled these contracts — and none of them point to coincidence.

1/ Dodging a London crisis

The LBMA controls spot trading and vaults in London. If London’s running low on deliverable Gold, any contracts tied to its prices or physical delivery could blow up.

By cutting those London-based contracts, COMEX shields itself from potential chaos — like a default or delivery squeeze.

2/ Strategic retreat to core business