Example 1

Using the gold price of the past ten years as an example, for simplicity, we assume the asset portfolio consists only of forward contracts and gold bonds. In the first year, we lock in the future production of 1 ton of standard gold over ten years by paying a 10% deposit, while the remaining 90% of the funds are used to purchase one-year gold bonds with an interest rate of 6%. In the second year, after delivering 100kg of gold, 80% of the funds are used to purchase gold bonds, and so on. The performance is as follows

We can find that the performance of ART is far superior to that of gold and gold miners ETFs in terms of returns and stability.