It seems to me that there are a number of alternatives to the COMEX. Namely, Dubai, London, India, and Hong Kong. I've noticed that when gold is up, it's usually because of one of these markets. When it's down, it's because North American markets have opened. Prime example, last night.

What really needs to happen here is the major gold producers should only trade at Dubai, India, and China. Screw the U.S. paper traders. (Not sure I trust the London Gold Fix, either).

MR