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What is the total carry cost needed for an arbitrage free future price to match the observe quoted on Dec-12 futures price? Assume that the

What is the total carry cost needed for an arbitrage free future price to match the observe quoted on Dec-12 futures price? Assume that the Oct-12 future settle price of $1722.8 is the gold spot price.

What would it need to be for the Feb-13 futures price?

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Month Open High Low Change Settle Volume Months to Expiration 0 1 2 1,741.1 1,742.1 1,742.4 1,745 1,748.3 1,743 1,752.1 1,747 1,752.9 1,753 1,741.1 1,743.1 1,744.7 1,745.3 1,748.3 1,745.7 1,752.1 1,747 1,752.9 1,753 1,721 1,716.5 1,716 1,718.2 1,722.5 1,723 1,729.7 1,728.2 1,730.6 1,753 70 472 159,099 9,179 1,988 2,371 1,490 120 687 5 6 8 10 12 14 16 18 20 26 32 38 44 50 56 62 68 OCT-12 NOV-12 DEC-12 FEB-13 APR-13 JUN-13 AUG-13 OCT-13 DEC-13 FEB-14 APR-14 JUN-14 DEC-14 JUN-15 DEC-15 JUN-16 DEC-16 JUN-17 DEC-17 JUN-18 -20.5 1,722.8 -20.7 1,723 -20.7 1,724 -20.8 1,726.1 -20.8 1,728 -20.9 1,729.9 -21 1,731.7 -21.2 1,733.6 -21.4 1,735.7 -21.5 1,738.1 -21.6 1,740.4 -21.7 1,742.9 -22.1 1,751.1 -22.3 1,760.4 -22.5 1,770.8 -22.5 1,781.5 -22.5 1,793.7 -22.5 1,808.5 -22.5 1,825.3 -22.5 1,846.7 Prior Day Open Interest 252 969 332,574 36,064 16,905 20,828 6,151 5,097 12,223 2,422 3,376 8,559 6,570 5,591 6,713 227 2,200 415 13 14 - 2 3 1,855.0 1,855.0 1,850.0 5.0 Month Open High Low Change Settle Volume Months to Expiration 0 1 2 1,741.1 1,742.1 1,742.4 1,745 1,748.3 1,743 1,752.1 1,747 1,752.9 1,753 1,741.1 1,743.1 1,744.7 1,745.3 1,748.3 1,745.7 1,752.1 1,747 1,752.9 1,753 1,721 1,716.5 1,716 1,718.2 1,722.5 1,723 1,729.7 1,728.2 1,730.6 1,753 70 472 159,099 9,179 1,988 2,371 1,490 120 687 5 6 8 10 12 14 16 18 20 26 32 38 44 50 56 62 68 OCT-12 NOV-12 DEC-12 FEB-13 APR-13 JUN-13 AUG-13 OCT-13 DEC-13 FEB-14 APR-14 JUN-14 DEC-14 JUN-15 DEC-15 JUN-16 DEC-16 JUN-17 DEC-17 JUN-18 -20.5 1,722.8 -20.7 1,723 -20.7 1,724 -20.8 1,726.1 -20.8 1,728 -20.9 1,729.9 -21 1,731.7 -21.2 1,733.6 -21.4 1,735.7 -21.5 1,738.1 -21.6 1,740.4 -21.7 1,742.9 -22.1 1,751.1 -22.3 1,760.4 -22.5 1,770.8 -22.5 1,781.5 -22.5 1,793.7 -22.5 1,808.5 -22.5 1,825.3 -22.5 1,846.7 Prior Day Open Interest 252 969 332,574 36,064 16,905 20,828 6,151 5,097 12,223 2,422 3,376 8,559 6,570 5,591 6,713 227 2,200 415 13 14 - 2 3 1,855.0 1,855.0 1,850.0 5.0

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