Gold Basis (near contract)

This chart shows the near gold futures contact basis and cobasis against the US dollar’s price in milligrams of gold.

The basis is a measure of the per annum return from carrying gold and is an indicator of abundance (the market would only offer a profit to arbitrageurs to stockpile gold if there was excess supply relative to demand). The cobasis is a measure of the per annum return from decarrying gold and is an indicator of scarity (the market would only offer a profit to arbitrageurs to sell gold from their stocks if there was a deficiency of supply relative to demand).

This chart should be read in conjunction with the Gold Carry/Decarry (near contract) chart (that shows the actual dollar per ounce profit/loss) as small dollar values that may not be worth arbitraging can produce larger basis/cobasis percentage as the days to expiry of a contract falls.

Note: this chart switches to the next contract 14 days from the start of first notice day.

3 Month Chart of Gold Basis (near contract)

Chart of the basis and cobasis for the near Comex gold futures contract and the US dollar bid priced in milligrams of goldChart of the basis and cobasis for the near Comex gold futures contract and the US dollar bid priced in milligrams of gold
This chart is also available for a duration of 18 months. Access to this additional chart is free to registered users of this website. Please click here to Register or Log In to your account for access.


Gold Basis Continuous

This chart shows a continuous (splicing together of individual) basis and cobasis against the US dollar’s price in milligrams of gold.

The basis is a measure of the per annum return from carrying gold and is an indicator of abundance (the market would only offer a profit to arbitrageurs to stockpile gold if there was excess supply relative to demand). The cobasis is a measure of the per annum return from decarrying gold and is an indicator of scarity (the market would only offer a profit to arbitrageurs to sell gold from their stocks if there was a deficiency of supply relative to demand).

This chart is available in durations of 3 months, 3 years and from 1996 to today. Access to our charts is free to registered users of this website. Please click here to Register or Log In to your account for access.


Gold Carry/Decarry (near contract)

This chart shows the dollar per ounce carry and decarry that could be earned on the near gold futures contact.

One carries gold by buying gold at spot and selling a future contract, that is, Future Bid Price less Spot Ask Price. One decarries gold by selling gold at spot and buying a future contract, that is, Spot Bid Price less Future Ask Price.

This chart should be read in conjunction with the Gold Basis (near contract) chart which shows the carry/decarry in percentage terms.

Note: this chart switches to the next contract 14 days from the start of first notice day.

This chart is also available for a duration of 18 months. Access to our charts is free to registered users of this website. Please click here to Register or Log In to your account for access.


Gold Roll Costs

This chart shows the cost of rolling gold from the near contract to the next contract if one has:

• a long position, that is, sell near, buy next (Near Contract Bid Price less Next Contract Ask Price)
• a short position, that is, buy near, sell next (Next Contract Bid Price less Near Contract Ask Price)

We define the next contact as the current contract as long as it is more than 14 days from the start of its first notice day, at which point we switch to the next closest contract.

This chart is available in durations of 3 months, 3 years and from 1996 to today. Access to our charts is free to registered users of this website. Please click here to Register or Log In to your account for access.


Gold Term Structure

This chart shows the basis and cobasis for all of gold’s futures contracts, positioned on the x-axis according to total calendar weeks to expiry. Similar to an interest rate yield curve for cash, this shows the per annum return for carrying or decarrying gold as the maturity increases.

Note: this chart excludes any contract which is within 14 days from the start of its first notice day or in its delivery month.

Access to our charts is free to registered users of this website. Please click here to Register or Log In to your account for access.


All charts are up to date as of Fri, April 20, 2018.