I need a concise, 1 000-word report that I can hand directly to our CFO explaining how we should hedge our gold price exposure with CME futures. I will provide current CME futures contract details; you’ll build the analysis from there. What the report must cover • Hedge ratio calculation: show the derivation clearly and justify any assumptions. • Futures pricing: walk through the pricing model you choose and highlight any cost-of-carry or convenience yield considerations. • Basis risk: place special emphasis on historical basis behavior—chart it, discuss its drivers, and quantify its impact on hedge effectiveness. Structure the document as a formal CFO briefing with an executive summary, analytic sections, conclusions, and references. The tone should be professional and technically rigorous while remaining readable for senior management. Feel free to work in Excel, Python, R, or whichever tool lets you deliver clean tables and plots; just include any workings or code as an appendix so the numbers are fully traceable. Deliverable • A polished, correctly formatted PDF (≈1 000 words) plus supporting spreadsheet or notebook that reproduces all calculations and charts. I’m looking for accuracy, clarity, and a logical flow that lets the CFO act on your recommendations straight away.