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.
Lesson promise
Frame the question
What does USD per troy ounce actually mean before conversion?
Check the evidence
Use 5 guided chapters to read freshness, confidence, and caveats in order.
Move into the tool
Open Open Fair Value Tracker with a checklist instead of a blank screen.
Educational workflow only. No 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.
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.
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.
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.
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.
Lesson notes
The full chapter walkthrough in reading form — use it to review the lesson or skim ahead before working through the interactive steps above.
Chapter 01
Start with the COMEX quote unit
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.
Import Parity COMEX input and formula bridge
- Name the quote currency as USD.
- Name the unit as one troy ounce.
- Keep the local local currency unit locked until conversion begins.
Chapter 02
Keep gold and silver units separate
Which local unit should this asset land in?
Gold and silver do not share the same local quote scale. Gold should land in local currency per 10g, while silver should land in local currency per kg, so every output must keep its unit label visible.
Asset selector and normalized COMEX unit output
- Read gold as local currency per 10g.
- Read silver as local currency per kg.
- Avoid comparing values until the unit label is visible.
Chapter 03
Use FX as the currency adapter
Can the local reference move even if the metal quote has not changed?
FX translates the dollar reference into local currency. A weaker local currency can lift the local reference even when COMEX is unchanged, so FX deserves its own check instead of being hidden inside the final number.
FX input, scenario sensitivity, and currency adapter step
- Check FX as its own input.
- Separate FX-driven change from metal-driven change.
- Keep source timing caveats beside the FX read.
Chapter 04
Cross the 31.1035 gram bridge
How does one troy ounce become a local gram-based quote?
The conversion divides the COMEX value by 31.1035 grams per troy ounce to get a per-gram local currency reference, then multiplies by the selected local unit: 10g for gold or 1kg for silver.
Per-gram bridge, troy ounce note, and local quote unit step
- Divide the FX-adjusted ounce value by 31.1035.
- Multiply by 10 for gold.
- Multiply by 1000 for silver.
Chapter 05
Stop before landed costs
Is normalized COMEX already the fair import value?
Normalized COMEX is the local-unit bridge output before import cost, local premium, financing, carry, source freshness, and contract alignment are interpreted. It is a useful input, not a finished signal.
Normalized COMEX, fair global, fair import, and landed-cost assumptions
- Label normalized COMEX as the bridge output.
- Do not add landed costs silently.
- Do not call the bridge output rich, cheap, or actionable by itself.
Sources used for this tutorial
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.