Fair Value Tracker: Add Landed-Cost Assumptions
A practical Fair Value Tracker lesson for separating normalized COMEX, fair global, fair import, cost profile, gross basis, and net basis without pretending the assumptions are fixed truth.
Lesson promise
Frame the question
What changes between normalized COMEX and fair global?
Check the evidence
Use 5 guided chapters to read freshness, confidence, and caveats in order.
Move into the tool
Open Open Fair Value Tracker with a checklist instead of a blank screen.
Educational workflow only. No trade recommendations, personalized advice, leverage guidance, or guaranteed outcomes.
Chapter 01
Separate fair global from fair import
Trader question
What changes between normalized COMEX and fair global?
Fair global starts with the converted reference and adds carry or financing context. It is still before the landed-cost profile, so the learner should not treat it as the final import-parity value.
Desk checklist
- Start from normalized COMEX.
- Add carry and financing as visible assumptions.
- Do not call fair global fair import.
Interactive proof
Import Parity normalized COMEX, fair global, carry, and financing fields
Use the mixer to move carry and financing while import costs stay unchanged.
A landed-cost profile changes the interpretation of the same local price. The lesson is to name the profile, not to claim the profile is universal or permanent.
Interactive desk lab
Landed Cost Assumption Mixer
A practical Fair Value Tracker mixer for separating normalized COMEX, fair global, fair import, cost profile, and net basis without treating assumptions as fixed truth.
A practical Fair Value Tracker mixer for separating normalized COMEX, fair global, fair import, cost profile, and net basis without treating assumptions as fixed truth.
Fair global gets a carry label
The bridge output becomes fair global only after carry and financing assumptions are visibly attached.
Normalized COMEX appears as the bridge output.
Carry and financing labels attach to the reference.
The fair global box forms without landed costs.
The learner sees this as a model input, not final truth.
Lesson notes
The full chapter walkthrough in reading form — use it to review the lesson or skim ahead before working through the interactive steps above.
Chapter 01
Separate fair global from fair import
What changes between normalized COMEX and fair global?
Fair global starts with the converted reference and adds carry or financing context. It is still before the landed-cost profile, so the learner should not treat it as the final import-parity value.
Import Parity normalized COMEX, fair global, carry, and financing fields
- Start from normalized COMEX.
- Add carry and financing as visible assumptions.
- Do not call fair global fair import.
Chapter 02
Add landed-cost assumptions visibly
What has to be added before the local import-parity read is complete?
Fair import adds assumptions such as import cost, local premium, execution friction, financing, and carry. The value is useful only because the learner can see which assumptions created it.
Active assumptions block and fair import value
- Keep import cost visible.
- Keep local premium or discount visible.
- Keep execution friction visible before reading the gap.
Chapter 03
Use the cost profile before net basis
Which part of the gap survives the selected profile?
A cost profile changes the distance between observed local price and model value. Gross basis can look interesting while net basis shrinks, flips, or becomes too assumption-sensitive to quote confidently.
Cost profile selector, gross basis, and net basis fields
- Name the active cost profile.
- Compare gross basis against net basis.
- Do not describe gross basis as profit.
Chapter 04
Remember that premium can persist
Why can local premium or discount remain even when the formula is clean?
Local premium/discount can reflect physical market, liquidity, timing, source, and assumption differences. A persistent premium is context to investigate, not automatic convergence.
Local premium, premium/discount note, and explanation panel
- Describe premium or discount as context.
- Avoid instant-arbitrage wording.
- Add a source and timing caveat.
Chapter 05
Label the assumption before sharing
Which assumption would I label before sharing this desk note?
A fair-import read becomes reviewable only when the selected profile and most sensitive assumption are visible. Sharing a naked value removes the model limits that make the read responsible.
Cost profile values, explanation text, and source caveats
- Name the selected cost profile.
- Name the most sensitive assumption.
- Keep the educational-only caveat attached.
Sources used for this tutorial
Next step
Open the tool with the checklist beside you.
Move from the lesson into the matching Bullion Brains tool, keep the checklist visible, and treat the output as evidence until the caveats are clear.