B. The Basis (continued)

• Example: Gold Prices and the Basis: 12/16/92

  BasisCash $441.50DEC 441.50 .50MAR ‘96 449.20 - $7.70JUN 459.40 -$17.90SEP 469.90 -$28.40DEC 480.70 -$39.20MAR ‘97 491.80 -$50.30
  

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