The current price of silver is $30 per ounce. The storage costs are $0.48 per ounce per y payable quarterly in advance. Assuming that interest rates are 10% per annum for all maturities; calculate the futures pria of silver for delivery in nine months, if the storage cost is $4 for the same period?

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Treasury Market

On-the-run securities are the most recently issued securities in the market depth and are therefore traded at some premium. The off-the-run securities are the ones issued just before the most recent ones. The on-the-run securities have a lower yield to the investor than the off-the-run securities.