Gold Futures, January 1980 - July 1997
Both spot and futures prices of gold have been declining fairly steadily since March, dropping to levels not seen since the first months of 1993. While this may indicate a sanguine attitude among international investors (gold being a traditional safe-harbor asset in stormy times), it may also reflect the strength of alternatives such as dollar-denominated assets and world stock markets. The basis - the difference between spot and future prices - remains negative, but it too has been diminishing since April.
Suggested citation: “Gold Futures, January 1980 - July 1997,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-08, pp. 06, 08.01.1997.