Tool lesson

Fair Value Tracker: Start With The Parity Question

A beginner-safe Fair Value Tracker lesson for checking the market lane, three price legs, data freshness, confidence, and basis before writing any parity note.

12 minBeginner5 chapters

Lesson promise

Frame the question

Which asset and contract pair am I actually comparing?

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

Choose the market lane before the gap

Trader question

Which asset and contract pair am I actually comparing?

A fair-value read is only meaningful after the learner can name the asset, unit scale, and contract pair. Gold and silver use different local units, and front, next, matched DTE, or continuous selectors answer different desk questions.

Desk checklist

Choose GOLD or SILVER before reading the value.
Confirm the local unit scale.
Read the contract pair before reading the basis.

Interactive proof

Asset and contract selectors

Use the first-read desk to check asset, contract pair, freshness, confidence, and basis in order.

1AssetGoldThe unit lane is local currency per 10g, so silver values cannot be compared without changing scale.

2ContractFront vs frontThe contract pair is visible before the basis read is allowed to matter.

3Freshnesslocal market live, COMEX delayedThe read is usable only with a timestamp caveat because one leg is delayed.

4Confidence78/100Confidence is high enough for a desk note, not for an execution instruction.

5Basis+local currency 310The gap is a model deviation to investigate after the checks, not a trade call.

The basis number comes last. It becomes a parity note only after the market lane, source state, and confidence score are visible.

Interactive desk lab

Fair Value First Read Desk

A practical Fair Value Tracker first-read lab for checking asset, contract pair, source freshness, confidence, and basis before writing a parity note.

45s guide previewChapter visual

Choose the lane before the gap

Asset, unit, and contract pair lock onto the desk before the basis number is allowed to appear.

What you will see4 steps

A blank Fair Value Tracker desk appears.

Gold and silver unit lanes separate.

The contract pair locks as front versus front.

Only then does the basis number fade in as a question.

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

Choose the market lane before the gap

Which asset and contract pair am I actually comparing?

Asset and contract selectors

Choose GOLD or SILVER before reading the value.
Confirm the local unit scale.
Read the contract pair before reading the basis.

Chapter 02

Check the three legs

Are COMEX, FX, and local market inputs visible?

The Fair Value Tracker is a three-leg desk: global futures reference, currency adapter, and local market quote. If one leg is delayed, stale, or estimated, the read becomes weaker even when the formula looks clean.

Overview price legs and freshness panel

Check COMEX/global reference timing.
Check FX source and timing.
Check whether local market/local is live, stale, or estimated.

Chapter 03

Treat fair value as an estimate

What does the model estimate, and what does it not know?

Fair value translates a global reference into a local estimate with assumptions. It is useful because the assumptions are visible, not because it becomes the final truth of the market.

Import Parity and Overview fair value fields

Separate normalized COMEX from fair import.
Keep landed-cost assumptions attached to the read.
Avoid treating the estimate as a price target.

Chapter 04

Use the first-read checklist

Which field should I inspect before basis?

The safe first-read order is asset, contract, timestamp, confidence, then basis. This order reduces overwhelm because the learner always knows what to check next.

Overview metrics, confidence, and explanation

Asset and unit are visible.
Contract pair is visible.
Timestamp and confidence are acceptable.

Chapter 05

Know when the read should pause

What would make me downgrade or stop this read?

Estimated local market, stale sources, low confidence, or contract mismatch should change the learner's language. The answer becomes a re-check condition, not a stronger opinion.

Data quality, confidence, and estimated-local market states

Estimated local values are not live quotes.
Low confidence needs a re-check condition.
Contract mismatch comes before basis interpretation.

Sources used for this tutorial

Gold Contract Specificationlocal marketUsed for local market gold quote-unit and domestic contract context before comparing local values with global references.Silver Contract Specificationlocal marketUsed for local market silver quote-unit context so learners do not mix local currency per 10g and local currency per kg reads.Gold Futures Contract SpecificationsCME GroupUsed for COMEX gold quotation context and the idea that the global leg is a concrete futures market reference.Local Gold Price Premium/DiscountWorld Gold CouncilUsed to keep premium/discount language indicative and directional rather than a trading metric.Reference Rate MethodologyFinancial Benchmarks global markets Pvt. Ltd.Used to frame FX as a sourced benchmark input with timing and methodology caveats.

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.

Open Fair Value Tracker