July 10, 2014 marked the recent peak in the spot gold price at $1,347 per ounce. That price was, however, 3.2% below the March high for the year (so far) of $1,391. Our look at the subsequent shift in the term structure reveals that the curve has flattened somewhat with the price of the yellow metal tumbling at farther maturities. The June 2020 expiration has tumbled from $1,500 to $1,300 per ounce while the current front month future has fallen to $1,169 per ounce.
Chart shows the forward ambitions of gold are way down.