The Comex is a rounding error compared to the global physical market for precious metals.
Shanghai saw 34 tonnes of gold withdrawn last week.
There are less than 18 tonnes of registered (for sale at these prices) gold in all the Comex warehouses, and very little of it sees even a changing of hands, much less withdrawn.
This is why I call it a bucket shop. It has stopped being a major price setting mechanism for actual buyers and sellers of the physical metals, devolving into a speculative pricing platform.
This mispricing of risk and investment will have the usual consequences.
Gold and silver are natural currencies. And it is their physical nature that makes them resistant to long term manipulation.