Labs
Commodity exposure workbench
Compare allocated gold, an unallocated claim, an ETF, a cash-settled future and a perpetual by exercising their delivery and settlement paths.
Fictional educational scenarios. No wallet connection, live transaction or investment recommendation.
Choose a scenario
Changing scenario starts a fresh run and clears the assessment.
A vault receipt identifies the holder’s stipulated allocated grams. This contract grants physical withdrawal of those grams, ending the receipt position. Storage and shipment costs are excluded.
Reset restores all initial balances, scenario, inputs and learning-check state. Nothing is saved or sent.
Scenario assumptions
- A teaching unit references one fictional gram of gold at an entered USD price, initially USD 100. This is not a live gold price. Other commodities need their own storage, grade and delivery assumptions.
- Starting cash is USD 2,000. Paid holdings commit full entry value; derivatives commit 20%. The future is explicitly cash-settled at expiry; the perpetual has no expiry and permits one 0.1% funding debit.
- Delivery rights and unknown terms are stipulated separately for each contract. Close settles at your reference price without fees or liquidity limits; maintenance/liquidation is intentionally exercised in the separate margin lab.
Participants and responsibilities
Holder acquires a receipt, claim, fund unit or derivative. A vault, bullion dealer, fund custodian or derivatives counterparty has different recordkeeping and performance obligations.
Holder claim
Select a contract to see whether physical delivery is granted, excluded or unknown. A common gold reference never makes these five instruments interchangeable.
Failure and recovery
Operational failure freezes the selected claim without turning it into physical gold. Recovery assumes reconciled records; insolvency, storage loss and disputed legal rights remain outside the model.
Simulation ledger
Current state:No position / funding yet
- Free cash / debt
- $2,000.00
- Position units
- 0 units
- Reference / mark price
- $100.00
- Committed value / collateral
- $0.00
- Contract cash event
- $0.00
- Funding paid
- $0.00
- Underlying units delivered
- 0 units
Latest result · Scenario update
A fresh scenario is ready. Read its assumptions, then run an action.
Run the mechanism
Actions follow the contract. You can try a blocked action to inspect why it is rejected; rejected actions preserve the ledger.
Check your understanding
What must you verify before assuming physical gold can be delivered?
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