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Gold Futures, January 1980 - July 1997

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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.

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