Gold Basis

Gold Basis (near contract)

<a name="au_basis"></a>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

Max Chart of Gold Basis (near contract)

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Gold Basis Continuous

<a name="au_basis_continuous"></a>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).

3 Month Chart of Gold Basis Continuous

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3 Year Chart of Gold Basis Continous

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Max Chart of Gold Basis Continous

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Gold Carry/Decarry (near contract)

<a name="au_carry"></a>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.

3 Month Chart of Gold Carry/Decarry (near contract)

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Max Chart of Gold Carry/Decarry (near contract)

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Gold Term Structure

<a name="au_basis_term"></a>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.

Chart of Gold Term Structure

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