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The longer-term gold (45- and 60-day) and silver (30-, 45-, and 60-day) futures reject an unbiased expectations hypothesis. This result is consistent with Leistikow (1990) because cash prices respondless than futures prices in these instances.
Overall, an unbiased expectations hypothesis, with intercept of zero and slope of one, is satisfied for the near-term (15- and 30-day) gold futures, regardless of delivery date.
The longer-term gold (45- and 60-day) and silver (30-, 45-, and 60-day) futures reject an unbiased expectations hypothesis, with intercept coefficients significantly greater than zero and slope coefficients significantly less than one, but positive.