Gold Futures Roll Cost Calculator

Compare an expiring and next-contract quote, annualize the observed roll spread and keep execution, margin and settlement limits visible.

EXPIRING CONTRACT · NEXT CONTRACT · ROLL COST

Measure the calendar spread before calling it a continuation of spot exposure

Enter the exact prices for the contract you are leaving and the contract you are entering. GoldObserve calculates the observed spread, annualizes it over the entered date gap and adds your two transaction costs separately.

Enter the expiring and next futures quotesNo contract pair supplied

User-entered evidence · no venue quote invented

Use the same currency, unit, quote side and timestamp convention. The roll spread is not a guaranteed loss or return; execution, margin, liquidity, funding and settlement rules remain outside this worksheet.

01 · CONTRACT PAIR

Separate the expiring contract from the next contract

The date gap gives the spread its annualized context.

Expiring futures price / ozNext futures price / ozDays between expiriesContract fine ounces

02 · EXECUTION COSTS

Keep the two transactions visible

Entry and exit friction changes net roll cost without changing the quoted spread.

Expiring contract cost / ozNext contract cost / oz

Enter positive expiring and next-contract quotes in the same currency and unit. Days between expiries must be at least 1.

THE DIRECT ANSWER

A positive roll spread is an observed price difference, not a guaranteed loss

When the next contract is above the expiring contract, the worksheet labels the pair contango. When it is below, it labels backwardation. The label describes the two quotes at the selected time; it does not predict the next contract, promise convergence or measure the complete economic return of a futures strategy.

ROLL SPREAD PER FINE OUNCENext-contract quote − expiring-contract quote

Annualization scales the observed percentage by 365 divided by the entered days between expiries. It is not an expected return.

WHAT THIS WORKSHEET LEAVES OUT

Price difference is only one layer of the roll decision

LayerWhat the worksheet showsWhat it does not prove

Calendar spreadThe arithmetic difference between two entered contract quotes.That the later contract will move to a particular price.

Transaction costsThe two entered per-ounce frictions.Current commissions, bid-ask spread, slippage or broker treatment.

Contract impactSpread multiplied by entered fine ounces.Margin, collateral return, tax, delivery or liquidity economics.

ROLL CHECKLIST

Record the contract pair before you move the position

01Write the exact expiring and next contract codes, months and venues.

02Use the same currency, unit, quote side and observation timestamp.

03Record first notice, last trade, broker cut-off and intended settlement rules.

04Enter both legs' commission, spread and slippage assumptions separately.

05Check margin, liquidity, collateral return and any delivery or tax boundary outside this worksheet.

06Do not describe annualized roll cost as a price forecast or guaranteed strategy return.

RELATED DECISIONS