I like the way, kia99, that you differentiate between items for sale in the present as opposed to those which for whatever reason aren’t yet available. Per the criteria you laid out it does seem that precious metals would be more likely to fall into the former rather than the latter category and as such spot prices would appear to be more relevant than would futures prices when it comes to them.

“I will gladly pay you Tuesday for a hamburger today” Interesting question about futures Kaiser. The futures market makes sense for things that can’t be supplied today like fall soybeans. It makes sense for mine operators to lock in a price so they know the mines can operate at a profit in the coming months despite the daily fluctuations. It provides a guess about the expectations of the buyer and seller about the future price, but if I want it today, I pay spot. (actually $15 over spot for silver)