Tool lesson

Fair Value Tracker: Build The COMEX To Local Price Bridge

A beginner-safe Fair Value Tracker lesson for converting global futures quotes into local units: COMEX quote, FX, troy ounce to grams, and local market quote unit before landed-cost assumptions.

12 minBeginner5 chapters

Educational only

The examples teach workflow and risk framing. They do not provide trade recommendations, personalized advice, leverage guidance, or guaranteed outcomes.

Chapter 01

Start with the COMEX quote unit

Trader question

What does USD per troy ounce actually mean before conversion?

The global reference enters the Fair Value Tracker as a COMEX quote in USD per troy ounce. It is not yet an local market-style local currency value, so the first job is to label the unit before translating it.

Desk checklist

Name the quote currency as USD.
Name the unit as one troy ounce.
Keep the local local currency unit locked until conversion begins.

Interactive proof

Import Parity COMEX input and formula bridge

Use the bridge lab to identify the global quote before touching FX or local units.

1COMEX quoteUSD/ozThe global leg arrives as dollars per troy ounce, not as a local local market unit.

2FXCurrency adapterFX translates the dollar reference into local currency before the unit conversion is useful.

331.1035gTroy ounce bridgeOne troy ounce is divided into grams before the local quote unit is applied.

4Local unit10g or 1kgGold lands in local currency/10g; silver lands in local currency/kg. The unit must stay attached.

5Normalized referenceNot fair import yetThe converted reference is the bridge input before landed costs and basis are read.

The bridge output is the normalized COMEX reference. It becomes a fair import read only after landed costs, local premium, carry, financing, source freshness, and contract alignment are visible.

Interactive desk lab

COMEX To Local Unit Bridge Lab

A practical Fair Value Tracker bridge lab for converting COMEX USD/troy-ounce quotes through FX into local local currency/10g or local currency/kg references before landed costs.

Native scroll

50s Remotion sceneComexOunceSourceVideo

COMEX starts as an ounce quote

The global quote enters as USD per troy ounce, so the learner sees why local local currency units cannot be read directly.

Storyboard beats4 cues

A COMEX quote card appears as USD per troy ounce.

The troy ounce unit is highlighted before any local currency value appears.

A local unit card stays locked until conversion steps are complete.

The bridge label asks what unit the quote is really in.

Remotion code

ComexOunceSourceVideo

The snippet is stored with the lesson so a future Remotion project can render the chapter video.

Show component snippet

import {AbsoluteFill, Easing, Sequence, interpolate, useCurrentFrame} from "remotion";

export const ComexOunceSourceVideo = () => {
  const frame = useCurrentFrame();
  const unitGlow = interpolate(frame, [22, 62], [0, 1], {
    extrapolateLeft: "clamp",
    extrapolateRight: "clamp",
    easing: Easing.bezier(0.16, 1, 0.3, 1),
  });

  return (
    <AbsoluteFill style={{background: "#fff8e8", color: "#071126", padding: 72}}>
      <h1>COMEX does not arrive in MCX units.</h1>
      <Sequence from={14} layout="none">
        <div style={{marginTop: 54, padding: 22, border: "1px solid #aa8432", background: "#fffdf7"}}>
          COMEX quote: USD per troy ounce
        </div>
      </Sequence>
      <Sequence from={42} layout="none">
        <div style={{opacity: unitGlow, marginTop: 22, padding: 18, background: "#071126", color: "#f9d78b"}}>
          Unit first. Conversion second.
        </div>
      </Sequence>
      <Sequence from={86} layout="none">
        <p style={{fontSize: 34, color: "#2454a6"}}>Local INR/10g or INR/kg is still locked.</p>
      </Sequence>
    </AbsoluteFill>
  );
};

Sources used for this tutorial

Gold Contract Specificationlocal marketUsed for the local market gold local currency/10g quote-unit lane before comparing global and local references.Silver Contract Specificationlocal marketUsed for the local market silver local currency/kg quote-unit lane so learners keep silver on its own scale.Gold Futures Contract SpecificationsCME GroupUsed to frame COMEX as a USD per troy ounce global futures reference before local conversion.local Premium/Discount MethodologyWorld Gold CouncilUsed to separate converted global reference from landed-cost and premium/discount assumptions.Reference Rate MethodologyFinancial Benchmarks global markets Pvt. Ltd.Used to explain FX as a sourced benchmark input with timing and methodology caveats.

Next step

Open the tool with the checklist beside you.

Move from the lesson into the matching Bullion Brains tool, keep the checklist visible, and treat the output as evidence until the caveats are clear.

Open Fair Value Tracker