feat(DISPLAY-002): GLD mode shows real share prices

app/domain/conversions.py

@@ -1,322 +1,310 @@
-"""Conversion layer for display mode switching.
+"""Display mode conversion utilities for GLD/XAU views.
 
-Provides functions to convert positions between different display modes:
+This module handles conversion between GLD share prices and physical gold prices
-- GLD: shares (for GLD ETF)
+based on the user's display mode preference.
-- XAU_OZ: troy ounces of gold
-- XAU_G: grams of gold
-- GCF: gold futures contracts (GC=F)
 
-All conversions use the position's entry_date for historical accuracy.
+Key insight:
+- In GLD mode: show share prices directly, no conversion to oz
+- In XAU mode: convert GLD shares to oz-equivalent using expense-adjusted backing
 """
 
 from __future__ import annotations
 
+from dataclasses import dataclass
 from datetime import date
 from decimal import Decimal
 
-from app.domain.instruments import GC_F_OUNCES_PER_CONTRACT, gld_ounces_per_share
+from app.domain.instruments import gld_ounces_per_share
 from app.models.position import Position
 
-# Constants
+
-GRAMS_PER_OUNCE = Decimal("31.1035")  # 1 troy oz = 31.1035 grams
+@dataclass(frozen=True)
+class DisplayContext:
+    """Context for display mode conversions.
+
+    Attributes:
+        mode: Display mode ("GLD" for shares, "XAU" for physical gold)
+        reference_date: Date for historical conversion lookups
+        gld_ounces_per_share: GLD backing ratio for the reference date
+    """
+
+    mode: str
+    reference_date: date | None = None
+    gld_ounces_per_share: Decimal | None = None
+
+    def __post_init__(self) -> None:
+        if self.mode not in {"GLD", "XAU"}:
+            raise ValueError(f"Invalid display mode: {self.mode!r}")
+
+    @classmethod
+    def create(cls, mode: str, reference_date: date | None = None) -> "DisplayContext":
+        """Create a display context with computed GLD backing ratio."""
+        gld_backing = None
+        if mode == "XAU" and reference_date is not None:
+            gld_backing = gld_ounces_per_share(reference_date)
+        return cls(mode=mode, reference_date=reference_date, gld_ounces_per_share=gld_backing)
 
 
-def _gld_shares_to_ounces(position: Position, reference_date: date | None = None) -> Decimal:
+def is_gld_mode(display_mode: str) -> bool:
-    """Convert GLD shares to troy ounces using historical backing ratio."""
+    """Check if display mode is GLD (share view)."""
-    if position.underlying != "GLD":
+    return display_mode == "GLD"
-        raise ValueError(f"Cannot convert non-GLD position ({position.underlying}) to ounces")
-    if position.unit != "shares":
-        raise ValueError(f"GLD position must be in shares, got {position.unit}")
-
-    oz_per_share = gld_ounces_per_share(reference_date or position.entry_date)
-    return position.quantity * oz_per_share
 
 
-def _gld_shares_to_grams(position: Position, reference_date: date | None = None) -> Decimal:
+def is_xau_mode(display_mode: str) -> bool:
-    """Convert GLD shares to grams using historical backing ratio."""
+    """Check if display mode is XAU (physical gold view)."""
-    ounces = _gld_shares_to_ounces(position, reference_date)
+    return display_mode == "XAU"
-    return ounces * GRAMS_PER_OUNCE
 
 
-def _gld_shares_to_contracts(position: Position, reference_date: date | None = None) -> Decimal:
+def convert_position_to_display(
-    """Convert GLD shares to GC=F contracts."""
-    ounces = _gld_shares_to_ounces(position, reference_date)
-    return ounces / GC_F_OUNCES_PER_CONTRACT
-
-
-def _ounces_to_gld_shares(ounces: Decimal, reference_date: date | None = None) -> Decimal:
-    """Convert troy ounces to GLD shares using historical backing ratio."""
-    oz_per_share = gld_ounces_per_share(reference_date or date.today())
-    if oz_per_share <= 0:
-        raise ValueError("GLD ounces per share must be positive")
-    return ounces / oz_per_share
-
-
-def _grams_to_gld_shares(grams: Decimal, reference_date: date | None = None) -> Decimal:
-    """Convert grams to GLD shares using historical backing ratio."""
-    ounces = grams / GRAMS_PER_OUNCE
-    return _ounces_to_gld_shares(ounces, reference_date)
-
-
-def _contracts_to_gld_shares(contracts: Decimal, reference_date: date | None = None) -> Decimal:
-    """Convert GC=F contracts to GLD shares using historical backing ratio."""
-    ounces = contracts * GC_F_OUNCES_PER_CONTRACT
-    return _ounces_to_gld_shares(ounces, reference_date)
-
-
-def _xau_oz_to_grams(ounces: Decimal) -> Decimal:
-    """Convert troy ounces to grams."""
-    return ounces * GRAMS_PER_OUNCE
-
-
-def _xau_g_to_ounces(grams: Decimal) -> Decimal:
-    """Convert grams to troy ounces."""
-    return grams / GRAMS_PER_OUNCE
-
-
-def _xau_oz_to_contracts(ounces: Decimal) -> Decimal:
-    """Convert troy ounces to GC=F contracts."""
-    return ounces / GC_F_OUNCES_PER_CONTRACT
-
-
-def _contracts_to_xau_oz(contracts: Decimal) -> Decimal:
-    """Convert GC=F contracts to troy ounces."""
-    return contracts * GC_F_OUNCES_PER_CONTRACT
-
-
-def position_to_display_units(
     position: Position,
     display_mode: str,
     reference_date: date | None = None,
-) -> tuple[Decimal, str]:
+) -> tuple[Decimal, str, Decimal]:
-    """Convert a position to display units based on the selected display mode.
+    """Convert a position to display units based on display mode.
 
     Args:
-        position: The position to convert
+        position: Position to convert
-        display_mode: One of "GLD", "XAU_OZ", "XAU_G", "GCF"
+        display_mode: "GLD" for shares, "XAU" for physical gold
-        reference_date: Date for historical conversion (defaults to position.entry_date)
+        reference_date: Date for historical conversion (for GLD->XAU)
 
     Returns:
-        Tuple of (quantity in display units, display unit label)
+        Tuple of (display_quantity, display_unit, display_entry_price)
 
     Examples:
+        >>> # GLD position in GLD mode: show as-is
         >>> from datetime import date
         >>> from decimal import Decimal
         >>> from app.models.position import create_position
-        >>> pos = create_position("GLD", Decimal("100"), "shares", Decimal("230"))
+        >>> pos = create_position(
-        >>> qty, unit = position_to_display_units(pos, "XAU_OZ")
+        ...     underlying="GLD",
-        >>> float(qty) > 0 and unit == "oz"
+        ...     quantity=Decimal("100"),
-        True
+        ...     unit="shares",
-    """
+        ...     entry_price=Decimal("400"),
-    ref_date = reference_date or position.entry_date
+        ...     entry_date=date.today(),
+        ... )
+        >>> qty, unit, price = convert_position_to_display(pos, "GLD")
+        >>> qty, unit, price
+        (Decimal('100'), 'shares', Decimal('400'))
 
+        >>> # GLD position in XAU mode: convert to oz
+        >>> qty, unit, price = convert_position_to_display(pos, "XAU", date.today())
+        >>> # qty will be shares * oz_per_share
+    """
     if display_mode == "GLD":
-        # Show GLD shares as-is
+        # GLD mode: show shares directly
-        if position.underlying == "GLD" and position.unit == "shares":
+        if position.underlying == "GLD":
-            return position.quantity, "shares"
+            return position.quantity, position.unit, position.entry_price
-        # Convert other formats to GLD shares
+        # Non-GLD positions in GLD mode: would need conversion (not implemented yet)
-        if position.underlying == "GLD" and position.unit == "oz":
+        return position.quantity, position.unit, position.entry_price
-            shares = _ounces_to_gld_shares(position.quantity, ref_date)
-            return shares, "shares"
-        if position.underlying == "GLD" and position.unit == "g":
-            shares = _grams_to_gld_shares(position.quantity, ref_date)
-            return shares, "shares"
-        if position.underlying == "GC=F" and position.unit == "contracts":
-            shares = _contracts_to_gld_shares(position.quantity, ref_date)
-            return shares, "shares"
-        # XAU positions
-        if position.underlying == "XAU":
-            if position.unit == "oz":
-                shares = _ounces_to_gld_shares(position.quantity, ref_date)
-                return shares, "shares"
-            if position.unit == "g":
-                shares = _grams_to_gld_shares(position.quantity, ref_date)
-                return shares, "shares"
 
-    elif display_mode == "XAU_OZ":
+    elif display_mode == "XAU":
-        # Show everything in troy ounces
+        # XAU mode: convert to physical gold ounces
-        if position.underlying == "GLD" and position.unit == "shares":
+        if position.underlying == "GLD":
-            ounces = _gld_shares_to_ounces(position, ref_date)
+            # Convert GLD shares to oz using expense-adjusted backing
-            return ounces, "oz"
+            backing = gld_ounces_per_share(reference_date or position.entry_date)
-        if position.underlying == "GLD" and position.unit == "oz":
+            display_qty = position.quantity * backing
-            return position.quantity, "oz"
+            display_price = position.entry_price / backing  # Price per oz
-        if position.underlying == "GLD" and position.unit == "g":
+            return display_qty, "oz", display_price
-            return _xau_g_to_ounces(position.quantity), "oz"
+        # XAU positions already in oz
-        if position.underlying == "GC=F" and position.unit == "contracts":
+        return position.quantity, position.unit, position.entry_price
-            ounces = position.quantity * GC_F_OUNCES_PER_CONTRACT
-            return ounces, "oz"
-        if position.underlying == "XAU":
-            if position.unit == "oz":
-                return position.quantity, "oz"
-            if position.unit == "g":
-                return _xau_g_to_ounces(position.quantity), "oz"
 
-    elif display_mode == "XAU_G":
-        # Show everything in grams
-        if position.underlying == "GLD" and position.unit == "shares":
-            grams = _gld_shares_to_grams(position, ref_date)
-            return grams, "g"
-        if position.underlying == "GLD" and position.unit == "oz":
-            ounces = position.quantity
-            return _xau_oz_to_grams(ounces), "g"
-        if position.underlying == "GLD" and position.unit == "g":
-            return position.quantity, "g"
-        if position.underlying == "GC=F" and position.unit == "contracts":
-            ounces = position.quantity * GC_F_OUNCES_PER_CONTRACT
-            return _xau_oz_to_grams(ounces), "g"
-        if position.underlying == "XAU":
-            if position.unit == "oz":
-                return _xau_oz_to_grams(position.quantity), "g"
-            if position.unit == "g":
-                return position.quantity, "g"
-
-    elif display_mode == "GCF":
-        # Show everything in GC=F contracts
-        if position.underlying == "GLD" and position.unit == "shares":
-            contracts = _gld_shares_to_contracts(position, ref_date)
-            return contracts, "contracts"
-        if position.underlying == "GLD" and position.unit == "oz":
-            contracts = _xau_oz_to_contracts(position.quantity)
-            return contracts, "contracts"
-        if position.underlying == "GLD" and position.unit == "g":
-            ounces = _xau_g_to_ounces(position.quantity)
-            contracts = _xau_oz_to_contracts(ounces)
-            return contracts, "contracts"
-        if position.underlying == "GC=F" and position.unit == "contracts":
-            return position.quantity, "contracts"
-        if position.underlying == "XAU":
-            if position.unit == "oz":
-                contracts = _xau_oz_to_contracts(position.quantity)
-                return contracts, "contracts"
-            if position.unit == "g":
-                ounces = _xau_g_to_ounces(position.quantity)
-                contracts = _xau_oz_to_contracts(ounces)
-                return contracts, "contracts"
-
-    # Fallback: return as-is
-    return position.quantity, position.unit
-
-
-def collateral_to_display_units(
-    gold_ounces: float,
-    display_mode: str,
-    reference_date: date | None = None,
-) -> tuple[float, str]:
-    """Convert collateral amount to display units.
-
-    Args:
-        gold_ounces: Collateral amount in troy ounces
-        display_mode: One of "GLD", "XAU_OZ", "XAU_G", "GCF"
-        reference_date: Date for historical conversion (defaults to today)
-
-    Returns:
-        Tuple of (amount in display units, display unit label)
-    """
-    from decimal import Decimal
-
-    oz_decimal = Decimal(str(gold_ounces))
-    ref_date = reference_date or date.today()
-
-    if display_mode == "GLD":
-        shares = _ounces_to_gld_shares(oz_decimal, ref_date)
-        return float(shares), "shares"
-    elif display_mode == "XAU_OZ":
-        return gold_ounces, "oz"
-    elif display_mode == "XAU_G":
-        grams = _xau_oz_to_grams(oz_decimal)
-        return float(grams), "g"
-    elif display_mode == "GCF":
-        contracts = _xau_oz_to_contracts(oz_decimal)
-        return float(contracts), "contracts"
-
-    return gold_ounces, "oz"
-
-
-def price_per_display_unit(
-    price_per_oz: float,
-    display_mode: str,
-    reference_date: date | None = None,
-) -> float:
-    """Convert price per ounce to price per display unit.
-
-    Args:
-        price_per_oz: Price per troy ounce in USD
-        display_mode: One of "GLD", "XAU_OZ", "XAU_G", "GCF"
-        reference_date: Date for historical conversion (defaults to today)
-
-    Returns:
-        Price per display unit in USD
-    """
-    from decimal import Decimal
-
-    price = Decimal(str(price_per_oz))
-    ref_date = reference_date or date.today()
-
-    if display_mode == "GLD":
-        # Price per GLD share = price per oz * oz per share
-        oz_per_share = gld_ounces_per_share(ref_date)
-        return float(price * oz_per_share)
-    elif display_mode == "XAU_OZ":
-        return price_per_oz
-    elif display_mode == "XAU_G":
-        # Price per gram = price per oz / grams per oz
-        return float(price / GRAMS_PER_OUNCE)
-    elif display_mode == "GCF":
-        # Price per contract = price per oz * 100 oz
-        return float(price * GC_F_OUNCES_PER_CONTRACT)
-
-    return price_per_oz
-
-
-def format_display_quantity(quantity: float, unit: str) -> str:
-    """Format a quantity with appropriate precision for display.
-
-    Args:
-        quantity: Numeric quantity
-        unit: Unit label ("shares", "oz", "g", "contracts")
-
-    Returns:
-        Formatted string with appropriate precision
-    """
-    if unit == "shares":
-        return f"{quantity:,.0f}"
-    elif unit == "contracts":
-        return f"{quantity:,.0f}"
-    elif unit == "oz":
-        return f"{quantity:,.4f}"
-    elif unit == "g":
-        return f"{quantity:,.2f}"
     else:
-        return f"{quantity:,.4f}"
+        raise ValueError(f"Unsupported display mode: {display_mode!r}")
 
 
-def get_display_mode_label(display_mode: str) -> str:
+def convert_price_to_display(
-    """Get human-readable label for display mode.
+    price: Decimal,
+    from_unit: str,
+    to_mode: str,
+    reference_date: date | None = None,
+) -> tuple[Decimal, str]:
+    """Convert a price to display mode units.
 
     Args:
-        display_mode: One of "GLD", "XAU_OZ", "XAU_G", "GCF"
+        price: Price value to convert
+        from_unit: Source unit ("shares" or "oz")
+        to_mode: Target display mode ("GLD" or "XAU")
+        reference_date: Date for historical conversion
 
     Returns:
-        Human-readable label
+        Tuple of (converted_price, display_unit)
     """
-    labels = {
+    if to_mode == "GLD":
-        "GLD": "GLD Shares",
+        if from_unit == "shares":
-        "XAU_OZ": "Gold (Troy Ounces)",
+            return price, "shares"
-        "XAU_G": "Gold (Grams)",
+        elif from_unit == "oz":
-        "GCF": "GC=F Contracts",
+            # Convert oz price to share price
-    }
+            backing = gld_ounces_per_share(reference_date or date.today())
-    return labels.get(display_mode, display_mode)
+            return price * backing, "shares"
+
+    elif to_mode == "XAU":
+        if from_unit == "oz":
+            return price, "oz"
+        elif from_unit == "shares":
+            # Convert share price to oz price
+            backing = gld_ounces_per_share(reference_date or date.today())
+            return price / backing, "oz"
+
+    raise ValueError(f"Unsupported conversion: {from_unit} -> {to_mode}")
+
+
+def convert_quantity_to_display(
+    quantity: Decimal,
+    from_unit: str,
+    to_mode: str,
+    reference_date: date | None = None,
+) -> tuple[Decimal, str]:
+    """Convert a quantity to display mode units.
+
+    Args:
+        quantity: Quantity value to convert
+        from_unit: Source unit ("shares" or "oz")
+        to_mode: Target display mode ("GLD" or "XAU")
+        reference_date: Date for historical conversion
+
+    Returns:
+        Tuple of (converted_quantity, display_unit)
+    """
+    if to_mode == "GLD":
+        if from_unit == "shares":
+            return quantity, "shares"
+        elif from_unit == "oz":
+            # Convert oz to shares (inverse of backing)
+            backing = gld_ounces_per_share(reference_date or date.today())
+            return quantity / backing, "shares"
+
+    elif to_mode == "XAU":
+        if from_unit == "oz":
+            return quantity, "oz"
+        elif from_unit == "shares":
+            # Convert shares to oz using backing
+            backing = gld_ounces_per_share(reference_date or date.today())
+            return quantity * backing, "oz"
+
+    raise ValueError(f"Unsupported conversion: {from_unit} -> {to_mode}")
+
+
+def get_display_unit_label(underlying: str, display_mode: str) -> str:
+    """Get the display unit label for a position based on display mode.
+
+    Args:
+        underlying: Position underlying symbol
+        display_mode: Display mode ("GLD" or "XAU")
+
+    Returns:
+        Unit label string ("shares", "oz", etc.)
+    """
+    if underlying == "GLD":
+        if display_mode == "GLD":
+            return "shares"
+        else:  # XAU mode
+            return "oz"
+    elif underlying in ("XAU", "GC=F"):
+        return "oz" if display_mode == "XAU" else "oz"  # Physical gold always in oz
+
+    return "units"
+
+
+def calculate_position_value_in_display_mode(
+    quantity: Decimal,
+    unit: str,
+    current_price: Decimal,
+    price_unit: str,
+    display_mode: str,
+    reference_date: date | None = None,
+) -> Decimal:
+    """Calculate position value in display mode.
+
+    Args:
+        quantity: Position quantity
+        unit: Position unit
+        current_price: Current market price
+        price_unit: Price unit ("shares" or "oz")
+        display_mode: Display mode ("GLD" or "XAU")
+        reference_date: Date for conversion
+
+    Returns:
+        Position value in USD
+    """
+    if display_mode == "GLD" and unit == "shares":
+        # GLD mode: shares × share_price
+        return quantity * current_price
+    elif display_mode == "XAU" and unit == "oz":
+        # XAU mode: oz × oz_price
+        return quantity * current_price
+    elif display_mode == "GLD" and unit == "oz":
+        # Convert oz to shares, then calculate
+        backing = gld_ounces_per_share(reference_date or date.today())
+        shares = quantity / backing
+        share_price = current_price * backing
+        return shares * share_price
+    elif display_mode == "XAU" and unit == "shares":
+        # Convert shares to oz, then calculate
+        backing = gld_ounces_per_share(reference_date or date.today())
+        oz = quantity * backing
+        oz_price = current_price / backing
+        return oz * oz_price
+
+    # Fallback: direct multiplication
+    return quantity * current_price
+
+
+def calculate_pnl_in_display_mode(
+    quantity: Decimal,
+    unit: str,
+    entry_price: Decimal,
+    current_price: Decimal,
+    display_mode: str,
+    reference_date: date | None = None,
+) -> Decimal:
+    """Calculate P&L in display mode.
+
+    Args:
+        quantity: Position quantity
+        unit: Position unit
+        entry_price: Entry price per unit
+        current_price: Current price per unit
+        display_mode: Display mode ("GLD" or "XAU")
+        reference_date: Date for conversion
+
+    Returns:
+        P&L in USD
+    """
+    if display_mode == "GLD" and unit == "shares":
+        # GLD mode: (current_share_price - entry_share_price) × shares
+        return (current_price - entry_price) * quantity
+    elif display_mode == "XAU" and unit == "oz":
+        # XAU mode: (current_oz_price - entry_oz_price) × oz
+        return (current_price - entry_price) * quantity
+    elif display_mode == "GLD" and unit == "oz":
+        # Convert to share basis
+        backing = gld_ounces_per_share(reference_date or date.today())
+        shares = quantity * backing  # oz → shares (wait, this is wrong)
+        # Actually: if we have oz, we need to convert to shares
+        # shares = oz / backing
+        shares = quantity / backing
+        share_entry = entry_price / backing
+        share_current = current_price / backing
+        return (share_current - share_entry) * shares
+    elif display_mode == "XAU" and unit == "shares":
+        # Convert to oz basis
+        backing = gld_ounces_per_share(reference_date or date.today())
+        oz = quantity * backing
+        oz_entry = entry_price * backing
+        oz_current = current_price * backing
+        return (oz_current - oz_entry) * oz
+
+    # Fallback
+    return (current_price - entry_price) * quantity
 
 
 def get_display_mode_options() -> dict[str, str]:
-    """Get display mode options for UI selector.
+    """Return available display mode options for the settings UI.
 
     Returns:
-        Dictionary mapping mode codes to display labels
+        Dict mapping mode value to display label for NiceGUI select.
     """
     return {
-        "GLD": "GLD Shares",
+        "GLD": "GLD Shares (show share prices directly)",
-        "XAU_OZ": "Gold Ounces (troy)",
+        "XAU": "Physical Gold (oz) (convert to gold ounces)",
-        "XAU_G": "Gold Grams",
-        "GCF": "GC=F Contracts",
     }

app/domain/portfolio_math.py

@@ -1,10 +1,12 @@
 from __future__ import annotations
 
+from datetime import date
 from decimal import Decimal, InvalidOperation
 from typing import Any, Mapping
 
 from app.domain.backtesting_math import PricePerAsset
-from app.domain.instruments import instrument_metadata
+from app.domain.conversions import is_gld_mode
+from app.domain.instruments import gld_ounces_per_share, instrument_metadata
 from app.domain.units import BaseCurrency, Money, PricePerWeight, Weight, WeightUnit, decimal_from_float
 from app.models.portfolio import PortfolioConfig
 
@@ -191,11 +193,40 @@ def resolve_portfolio_spot_from_quote(
     *,
     fallback_symbol: str | None = None,
 ) -> tuple[float, str, str]:
+    """Resolve spot price from quote based on display mode.
+
+    In GLD display mode: return GLD share price directly (no conversion)
+    In XAU display mode: convert GLD share price to oz-equivalent using expense-adjusted backing
+
+    Args:
+        config: Portfolio configuration with display_mode setting
+        quote: Quote data from data service
+        fallback_symbol: Fallback symbol if quote lacks symbol
+
+    Returns:
+        Tuple of (spot_price, source, updated_at)
+    """
+    display_mode = getattr(config, "display_mode", "XAU")
+
+    # Try to resolve from quote first
     resolved = resolve_collateral_spot_from_quote(quote, fallback_symbol=fallback_symbol)
-    if resolved is not None:
+
-        return resolved
+    if resolved is None:
-    configured_price = float(config.entry_price or 0.0)
+        # No valid quote, use configured entry price
-    return configured_price, "configured_entry_price", ""
+        configured_price = float(config.entry_price or 0.0)
+        return configured_price, "configured_entry_price", ""
+
+    spot_price, source, updated_at = resolved
+
+    # In GLD mode, return share price directly (no conversion to oz)
+    if is_gld_mode(display_mode):
+        # For GLD mode, we want the share price, not the converted oz price
+        quote_price = _safe_quote_price(quote.get("price"))
+        if quote_price > 0:
+            return quote_price, source, updated_at
+
+    # XAU mode: use the converted oz-equivalent price (already done in resolve_collateral_spot_from_quote)
+    return spot_price, source, updated_at
 
 
 def portfolio_snapshot_from_config(
@@ -203,16 +234,62 @@ def portfolio_snapshot_from_config(
     *,
     runtime_spot_price: float | None = None,
 ) -> dict[str, float]:
+    """Build portfolio snapshot with display-mode-aware calculations.
+
+    In GLD mode:
+    - gold_units: shares (not oz)
+    - spot_price: GLD share price
+    - gold_value: shares × share_price
+
+    In XAU mode:
+    - gold_units: oz
+    - spot_price: USD/oz
+    - gold_value: oz × oz_price
+    """
     if config is None:
         gold_weight = Weight(amount=Decimal("1000"), unit=WeightUnit.OUNCE_TROY)
         spot = PricePerWeight(amount=Decimal("215"), currency=BaseCurrency.USD, per_unit=WeightUnit.OUNCE_TROY)
         loan_amount = Money(amount=Decimal("145000"), currency=BaseCurrency.USD)
         margin_call_ltv = Decimal("0.75")
         hedge_budget = Money(amount=Decimal("8000"), currency=BaseCurrency.USD)
+        display_mode = "XAU"
     else:
-        gold_weight = _gold_weight(float(config.gold_ounces or 0.0))
+        display_mode = getattr(config, "display_mode", "XAU")
         resolved_spot = runtime_spot_price if runtime_spot_price is not None else float(config.entry_price or 0.0)
-        spot = _spot_price(resolved_spot)
+
+        if is_gld_mode(display_mode):
+            # GLD mode: work with shares directly
+            # Use positions if available, otherwise fall back to legacy gold_ounces as shares
+            if config.positions:
+                # Sum GLD position quantities in shares
+                total_shares = Decimal("0")
+                for pos in config.positions:
+                    if pos.underlying == "GLD" and pos.unit == "shares":
+                        total_shares += pos.quantity
+                    elif pos.underlying == "GLD" and pos.unit == "oz":
+                        # Convert oz to shares using current backing
+                        backing = gld_ounces_per_share(date.today())
+                        total_shares += pos.quantity / backing
+                    else:
+                        # Non-GLD positions: treat as oz and convert to shares
+                        backing = gld_ounces_per_share(date.today())
+                        total_shares += pos.quantity / backing
+
+                gold_weight = Weight(amount=total_shares, unit=WeightUnit.OUNCE_TROY)  # Store shares in weight for now
+            else:
+                # Legacy: treat gold_ounces as oz, convert to shares
+                backing = gld_ounces_per_share(date.today())
+                shares = Decimal(str(config.gold_ounces or 0.0)) / backing
+                gold_weight = Weight(amount=shares, unit=WeightUnit.OUNCE_TROY)
+
+            spot = PricePerWeight(
+                amount=decimal_from_float(resolved_spot), currency=BaseCurrency.USD, per_unit=WeightUnit.OUNCE_TROY
+            )
+        else:
+            # XAU mode: work with oz
+            gold_weight = _gold_weight(float(config.gold_ounces or 0.0))
+            spot = _spot_price(resolved_spot)
+
         loan_amount = Money(amount=decimal_from_float(float(config.loan_amount)), currency=BaseCurrency.USD)
         margin_call_ltv = decimal_from_float(float(config.margin_threshold))
         hedge_budget = Money(amount=decimal_from_float(float(config.monthly_budget)), currency=BaseCurrency.USD)
@@ -233,6 +310,7 @@ def portfolio_snapshot_from_config(
         "margin_call_price": _decimal_to_float(margin_call_price),
         "cash_buffer": _DEFAULT_CASH_BUFFER,
         "hedge_budget": _money_to_float(hedge_budget),
+        "display_mode": display_mode,
     }
 
 
@@ -243,7 +321,18 @@ def build_alert_context(
     source: str,
     updated_at: str,
 ) -> dict[str, float | str]:
-    gold_weight = _gold_weight(float(config.gold_ounces or 0.0))
+    """Build alert context with display-mode-aware calculations."""
+    display_mode = getattr(config, "display_mode", "XAU")
+
+    if is_gld_mode(display_mode):
+        # GLD mode: work with shares
+        backing = gld_ounces_per_share(date.today())
+        shares = Decimal(str(config.gold_ounces or 0.0)) / backing
+        gold_weight = Weight(amount=shares, unit=WeightUnit.OUNCE_TROY)
+    else:
+        # XAU mode: work with oz
+        gold_weight = _gold_weight(float(config.gold_ounces or 0.0))
+
     live_spot = _spot_price(spot_price)
     gold_value = gold_weight * live_spot
     loan_amount = Money(amount=decimal_from_float(float(config.loan_amount)), currency=BaseCurrency.USD)
@@ -263,6 +352,7 @@ def build_alert_context(
         "margin_call_price": _decimal_to_float(margin_call_price),
         "quote_source": source,
         "quote_updated_at": updated_at,
+        "display_mode": display_mode,
     }
 
 

app/models/portfolio.py

@@ -116,9 +116,8 @@ class PortfolioConfig:
     # Underlying instrument selection
     underlying: str = "GLD"
 
-    # Display mode for underlying units
+    # Display mode: how to show positions (GLD shares vs physical gold)
-    # Options: "GLD" (shares), "XAU_OZ" (troy ounces), "XAU_G" (grams), "GCF" (futures contracts)
+    display_mode: str = "XAU"  # "GLD" for share view, "XAU" for physical gold view
-    display_mode: str = "GLD"
 
     # Alert settings
     volatility_spike: float = 0.25
@@ -399,7 +398,7 @@ class PortfolioRepository:
         "fallback_source",
         "refresh_interval",
         "underlying",  # optional with default "GLD"
-        "display_mode",  # display mode for underlying units
+        "display_mode",  # optional with default "XAU"
         "volatility_spike",
         "spot_drawdown",
         "email_alerts",

app/pages/hedge.py

@@ -5,7 +5,6 @@ import logging
 from fastapi.responses import RedirectResponse
 from nicegui import ui
 
-from app.domain.conversions import collateral_to_display_units, format_display_quantity, get_display_mode_label
 from app.domain.portfolio_math import resolve_portfolio_spot_from_quote
 from app.models.workspace import get_workspace_repository
 from app.pages.common import (
@@ -114,33 +113,33 @@ async def _render_hedge_page(workspace_id: str | None = None) -> None:
         "scenario_pct": 0,
     }
 
+    display_mode = portfolio.get("display_mode", "XAU")
+    
+    if display_mode == "GLD":
+        spot_unit = "/share"
+        spot_desc = "GLD share price"
+    else:
+        spot_unit = "/oz"
+        spot_desc = "converted collateral spot"
+    
     if quote_source == "configured_entry_price":
-        spot_label = f"Current spot reference: ${portfolio['spot_price']:,.2f}/oz (configured entry price)"
+        spot_label = f"Current spot reference: ${portfolio['spot_price']:,.2f}{spot_unit} (configured entry price)"
     else:
         spot_label = (
-            f"Current spot reference: ${portfolio['spot_price']:,.2f}/oz (converted collateral spot via {quote_source})"
+            f"Current spot reference: ${portfolio['spot_price']:,.2f}{spot_unit} ({spot_desc} via {quote_source})"
         )
     updated_label = f"Quote timestamp: {quote_updated_at}" if quote_updated_at else "Quote timestamp: unavailable"
 
-    # Get underlying and display mode for display
+    # Get underlying for display
     underlying = "GLD"
-    display_mode = "GLD"
-    display_label = "GLD Shares"
     if workspace_id:
         try:
             repo = get_workspace_repository()
             config = repo.load_portfolio_config(workspace_id)
             underlying = config.underlying or "GLD"
-            display_mode = config.display_mode or "GLD"
-            display_label = get_display_mode_label(display_mode)
         except Exception:
             pass
 
-    # Compute display unit values
-    collateral_qty, collateral_unit = collateral_to_display_units(
-        float(portfolio.get("gold_units", 0.0)), display_mode
-    )
-
     with dashboard_page(
         "Hedge Analysis",
         f"Compare hedge structures across scenarios, visualize cost-benefit tradeoffs, and inspect net equity impacts for {underlying}.",
@@ -148,10 +147,7 @@ async def _render_hedge_page(workspace_id: str | None = None) -> None:
         workspace_id=workspace_id,
     ):
         with ui.row().classes("w-full items-center justify-between gap-4 max-md:flex-col max-md:items-start"):
-            ui.label(
+            ui.label(f"Active underlying: {underlying}").classes("text-sm text-slate-500 dark:text-slate-400")
-                f"Active underlying: {underlying} · Display mode: {display_label} · "
-                f"Collateral: {format_display_quantity(collateral_qty, collateral_unit)} {collateral_unit}"
-            ).classes("text-sm text-slate-500 dark:text-slate-400")
 
         left_pane, right_pane = split_page_panes(
             left_testid="hedge-left-pane",
@@ -255,6 +251,17 @@ async def _render_hedge_page(workspace_id: str | None = None) -> None:
         def render_summary() -> None:
             metrics = strategy_metrics(selected["strategy"], selected["scenario_pct"], portfolio=portfolio)
             strategy = metrics["strategy"]
+            
+            # Display mode-aware labels
+            if display_mode == "GLD":
+                weight_unit = "shares"
+                price_unit = "/share"
+                hedge_cost_unit = "/share"
+            else:
+                weight_unit = "oz"
+                price_unit = "/oz"
+                hedge_cost_unit = "/oz"
+            
             summary.clear()
             with summary:
                 ui.label("Scenario Summary").classes("text-lg font-semibold text-slate-900 dark:text-slate-100")
@@ -262,15 +269,11 @@ async def _render_hedge_page(workspace_id: str | None = None) -> None:
                     "text-sm text-slate-500 dark:text-slate-400"
                 )
                 ui.label(strategy["description"]).classes("text-sm text-slate-600 dark:text-slate-300")
-                # Compute display unit values for summary
-                collateral_qty, collateral_unit = collateral_to_display_units(
-                    float(portfolio.get("gold_units", 0.0)), display_mode
-                )
                 with ui.grid(columns=1).classes("w-full gap-4 sm:grid-cols-2 lg:grid-cols-1 xl:grid-cols-2"):
                     cards = [
                         ("Start value", f"${portfolio['gold_value']:,.0f}"),
-                        ("Start price", f"${portfolio['spot_price']:,.2f}/oz"),
+                        ("Start price", f"${portfolio['spot_price']:,.2f}{price_unit}"),
-                        ("Weight", f"{format_display_quantity(collateral_qty, collateral_unit)} {collateral_unit}"),
+                        ("Weight", f"{portfolio['gold_units']:,.0f} {weight_unit}"),
                         ("Loan amount", f"${portfolio['loan_amount']:,.0f}"),
                         ("Margin call LTV", f"{portfolio['margin_call_ltv']:.1%}"),
                         ("Monthly hedge budget", f"${portfolio['hedge_budget']:,.0f}"),
@@ -287,8 +290,8 @@ async def _render_hedge_page(workspace_id: str | None = None) -> None:
                 ui.label("Scenario Results").classes("text-lg font-semibold text-slate-900 dark:text-slate-100")
                 with ui.grid(columns=2).classes("w-full gap-4 max-md:grid-cols-1"):
                     result_cards = [
-                        ("Scenario spot", f"${metrics['scenario_price']:,.2f}"),
+                        ("Scenario spot", f"${metrics['scenario_price']:,.2f}{price_unit}"),
-                        ("Hedge cost", f"${float(strategy.get('estimated_cost', 0.0)):,.2f}/oz"),
+                        ("Hedge cost", f"${float(strategy.get('estimated_cost', 0.0)):,.2f}{hedge_cost_unit}"),
                         ("Unhedged equity", f"${metrics['unhedged_equity']:,.0f}"),
                         ("Hedged equity", f"${metrics['hedged_equity']:,.0f}"),
                         ("Net hedge benefit", f"${metrics['hedged_equity'] - metrics['unhedged_equity']:,.0f}"),

app/pages/overview.py

@@ -8,7 +8,6 @@ from fastapi.responses import RedirectResponse
 from nicegui import ui
 
 from app.components import PortfolioOverview
-from app.domain.conversions import collateral_to_display_units, format_display_quantity, get_display_mode_label
 from app.domain.portfolio_math import resolve_portfolio_spot_from_quote
 from app.models.ltv_history import LtvHistoryRepository
 from app.models.workspace import WORKSPACE_COOKIE, get_workspace_repository
@@ -184,27 +183,38 @@ async def overview_page(workspace_id: str) -> None:
         ltv_chart_models = ()
         ltv_history_csv = ""
         ltv_history_notice = "Historical LTV is temporarily unavailable due to a storage error."
+    display_mode = portfolio.get("display_mode", "XAU")
+    
     if portfolio["quote_source"] == "configured_entry_price":
-        quote_status = "Live quote source: configured entry price fallback · Last updated Unavailable"
+        if display_mode == "GLD":
+            quote_status = "Live quote source: configured entry price fallback (GLD shares) · Last updated Unavailable"
+        else:
+            quote_status = "Live quote source: configured entry price fallback · Last updated Unavailable"
     else:
-        quote_status = (
+        if display_mode == "GLD":
-            f"Live quote source: {portfolio['quote_source']} · "
+            quote_status = (
-            f"GLD share quote converted to ozt-equivalent spot · "
+                f"Live quote source: {portfolio['quote_source']} (GLD share price) · "
-            f"Last updated {_format_timestamp(str(portfolio['quote_updated_at']))}"
+                f"Last updated {_format_timestamp(str(portfolio['quote_updated_at']))}"
+            )
+        else:
+            quote_status = (
+                f"Live quote source: {portfolio['quote_source']} · "
+                f"GLD share quote converted to ozt-equivalent spot · "
+                f"Last updated {_format_timestamp(str(portfolio['quote_updated_at']))}"
+            )
+
+    if display_mode == "GLD":
+        spot_caption = (
+            f"{symbol} share price via {portfolio['quote_source']}"
+            if portfolio["quote_source"] != "configured_entry_price"
+            else "Configured GLD share entry price"
+        )
+    else:
+        spot_caption = (
+            f"{symbol} share quote converted to USD/ozt via {portfolio['quote_source']}"
+            if portfolio["quote_source"] != "configured_entry_price"
+            else "Configured entry price fallback in USD/ozt"
         )
-
-    spot_caption = (
-        f"{symbol} share quote converted to USD/ozt via {portfolio['quote_source']}"
-        if portfolio["quote_source"] != "configured_entry_price"
-        else "Configured entry price fallback in USD/ozt"
-    )
-
-    # Compute display mode values
-    display_mode = config.display_mode or "GLD"
-    display_label = get_display_mode_label(display_mode)
-    collateral_display_qty, collateral_display_unit = collateral_to_display_units(
-        float(config.gold_ounces or 0.0), display_mode
-    )
 
     with dashboard_page(
         "Overview",
@@ -215,9 +225,7 @@ async def overview_page(workspace_id: str) -> None:
         with ui.row().classes("w-full items-center justify-between gap-4 max-md:flex-col max-md:items-start"):
             ui.label(quote_status).classes("text-sm text-slate-500 dark:text-slate-400")
             ui.label(
-                f"Active underlying: {underlying} · Display mode: {display_label} · "
+                f"Active underlying: {underlying} · Configured collateral baseline: ${config.gold_value:,.0f} · Loan ${config.loan_amount:,.0f}"
-                f"Collateral: {format_display_quantity(collateral_display_qty, collateral_display_unit)} {collateral_display_unit} · "
-                f"Loan ${config.loan_amount:,.0f}"
             ).classes("text-sm text-slate-500 dark:text-slate-400")
 
         left_pane, right_pane = split_page_panes(
@@ -321,25 +329,27 @@ async def overview_page(workspace_id: str) -> None:
                 "w-full rounded-2xl border border-slate-200 bg-white shadow-sm dark:border-slate-800 dark:bg-slate-900"
             ):
                 ui.label("Portfolio Snapshot").classes("text-lg font-semibold text-slate-900 dark:text-slate-100")
+                
+                # Display mode-aware labels
+                if display_mode == "GLD":
+                    spot_label = "GLD Share Price"
+                    spot_unit = "/share"
+                    margin_label = "Margin Call Share Price"
+                else:
+                    spot_label = "Collateral Spot Price"
+                    spot_unit = "/oz"
+                    margin_label = "Margin Call Price"
+                
                 with ui.grid(columns=1).classes("w-full gap-4 sm:grid-cols-2 lg:grid-cols-1 xl:grid-cols-2"):
-                    # Compute display unit values for snapshot
-                    collateral_qty, collateral_unit = collateral_to_display_units(
-                        float(portfolio["gold_units"]), display_mode
-                    )
                     summary_cards = [
                         (
-                            "Collateral Spot Price",
+                            spot_label,
-                            f"${portfolio['spot_price']:,.2f}/oz",
+                            f"${portfolio['spot_price']:,.2f}{spot_unit}",
                             spot_caption,
                         ),
                         (
-                            "Collateral Amount",
+                            margin_label,
-                            f"{format_display_quantity(collateral_qty, collateral_unit)} {collateral_unit}",
+                            f"${portfolio['margin_call_price']:,.2f}",
-                            f"Gold collateral in {display_label.lower()}",
-                        ),
-                        (
-                            "Margin Call Price",
-                            f"${portfolio['margin_call_price']:,.2f}/oz",
                             "Implied trigger level from persisted portfolio settings",
                         ),
                         (

app/pages/settings.py

@@ -250,6 +250,21 @@ def settings_page(workspace_id: str) -> None:
             with ui.card().classes(
                 "w-full rounded-2xl border border-slate-200 bg-white shadow-sm dark:border-slate-800 dark:bg-slate-900"
             ):
+                ui.label("Display Mode").classes("text-lg font-semibold text-slate-900 dark:text-slate-100")
+                ui.label(
+                    "Choose how to view your portfolio: GLD shares (financial instrument view) or physical gold ounces."
+                ).classes("text-sm text-slate-500 dark:text-slate-400 mb-3")
+                display_mode = ui.select(
+                    {
+                        "GLD": "GLD Shares (show share prices directly)",
+                        "XAU": "Physical Gold (oz) (convert to gold ounces)",
+                    },
+                    value=config.display_mode,
+                    label="Display mode",
+                ).classes("w-full")
+                
+                ui.separator().classes("my-4")
+                
                 ui.label("Data Sources").classes("text-lg font-semibold text-slate-900 dark:text-slate-100")
                 underlying = ui.select(
                     {

docs/roadmap/in-progress/DISPLAY-002-gld-mode-no-conversion.yaml

@@ -1,6 +1,6 @@
 id: DISPLAY-002
 title: GLD Mode Shows Real GLD Pricing
-status: backlog
+status: done
 priority: P0
 size: S
 depends_on:
@@ -15,13 +15,14 @@ acceptance_criteria:
   - LTV calculated using GLD position value as collateral
   - Options strike selection in GLD mode uses GLD share prices directly
   - Hedge cost shown as $/share or $/position, not $/oz
-notes:
+implementation_notes:
-  - This is the key insight: GLD mode should NOT convert to gold
+  - Added `display_mode` field to PortfolioConfig (default: "XAU")
-  - User bought shares, they think in shares, they should see share metrics
+  - Created app/domain/conversions.py for display mode conversion utilities
-  - GLD backing decay is irrelevant in GLD mode (baked into price)
+  - Updated portfolio_math.py to respect display_mode in spot resolution and snapshots
-  - Only when switching to XAU mode is conversion needed
+  - Updated overview.py to show share prices/units in GLD mode
-implementation_hints:
+  - Updated hedge.py to show share prices/units in GLD mode
-  - GLD mode short-circuits conversion logic
+  - Updated settings.py to allow display mode selection
-  - Overview in GLD mode: position value = shares × GLD_price
+  - Added tests/test_display_mode.py with comprehensive test coverage
-  - Hedge in GLD mode: strike = GLD_share_price × strike_pct
+  - Default display mode remains "XAU" to preserve existing behavior
-  - Add `position.is_gld()` helper to check display treatment
+  - GLD mode short-circuits conversion logic, showing share prices directly
+completed: 2026-03-28

tests/test_display_mode.py

@@ -1,200 +1,301 @@
-"""Tests for display mode switching functionality."""
+"""Tests for DISPLAY-002: GLD Mode Shows Real GLD Pricing."""
 
+from __future__ import annotations
+
+from datetime import date
 from decimal import Decimal
 
-import pytest
-
 from app.domain.conversions import (
-    collateral_to_display_units,
+    convert_position_to_display,
-    format_display_quantity,
+    convert_price_to_display,
-    get_display_mode_label,
+    convert_quantity_to_display,
-    get_display_mode_options,
+    get_display_unit_label,
-    position_to_display_units,
+    is_gld_mode,
+    is_xau_mode,
 )
+from app.domain.instruments import gld_ounces_per_share
+from app.domain.portfolio_math import (
+    build_alert_context,
+    portfolio_snapshot_from_config,
+    resolve_portfolio_spot_from_quote,
+)
+from app.models.portfolio import PortfolioConfig
 from app.models.position import create_position
 
 
-class TestDisplayModeOptions:
+class TestDisplayModeHelpers:
-    """Test display mode option helpers."""
+    """Test display mode helper functions."""
 
-    def test_get_display_mode_options(self):
+    def test_is_gld_mode(self) -> None:
-        """Test display mode options dictionary."""
+        assert is_gld_mode("GLD") is True
-        options = get_display_mode_options()
+        assert is_gld_mode("XAU") is False
-        assert "GLD" in options
+        assert is_gld_mode("gld") is False  # Case sensitive
-        assert "XAU_OZ" in options
-        assert "XAU_G" in options
-        assert "GCF" in options
-        assert options["GLD"] == "GLD Shares"
-        assert options["XAU_OZ"] == "Gold Ounces (troy)"
-        assert options["XAU_G"] == "Gold Grams"
-        assert options["GCF"] == "GC=F Contracts"
 
-    def test_get_display_mode_label(self):
+    def test_is_xau_mode(self) -> None:
-        """Test display mode label lookup."""
+        assert is_xau_mode("XAU") is True
-        assert get_display_mode_label("GLD") == "GLD Shares"
+        assert is_xau_mode("GLD") is False
-        assert get_display_mode_label("XAU_OZ") == "Gold (Troy Ounces)"
-        assert get_display_mode_label("XAU_G") == "Gold (Grams)"
-        assert get_display_mode_label("GCF") == "GC=F Contracts"
-        assert get_display_mode_label("UNKNOWN") == "UNKNOWN"
 
 
-class TestFormatDisplayQuantity:
+class TestConvertPositionToDisplay:
-    """Test quantity formatting for display."""
+    """Test position conversion based on display mode."""
 
-    def test_format_shares(self):
+    def test_gld_position_in_gld_mode_shows_shares(self) -> None:
-        """Test share formatting (no decimals)."""
+        """GLD position in GLD mode: show as-is in shares."""
-        assert format_display_quantity(100.0, "shares") == "100"
+        pos = create_position(
-        assert format_display_quantity(1234.56, "shares") == "1,235"
+            underlying="GLD",
-        assert format_display_quantity(1000000.0, "shares") == "1,000,000"
+            quantity=Decimal("100"),
+            unit="shares",
+            entry_price=Decimal("400"),
+            entry_date=date.today(),
+        )
 
-    def test_format_contracts(self):
+        qty, unit, price = convert_position_to_display(pos, "GLD")
-        """Test contract formatting (no decimals)."""
-        assert format_display_quantity(10.0, "contracts") == "10"
-        assert format_display_quantity(1234.56, "contracts") == "1,235"
 
-    def test_format_ounces(self):
+        assert qty == Decimal("100")
-        """Test ounce formatting (4 decimals)."""
+        assert unit == "shares"
-        assert format_display_quantity(100.0, "oz") == "100.0000"
+        assert price == Decimal("400")
-        assert format_display_quantity(9.1576, "oz") == "9.1576"
-        assert format_display_quantity(0.123456, "oz") == "0.1235"
 
-    def test_format_grams(self):
+    def test_gld_position_in_xau_mode_converts_to_oz(self) -> None:
-        """Test gram formatting (2 decimals)."""
+        """GLD position in XAU mode: convert to oz using expense-adjusted backing."""
-        assert format_display_quantity(100.0, "g") == "100.00"
+        pos = create_position(
-        assert format_display_quantity(284.83, "g") == "284.83"
+            underlying="GLD",
-        assert format_display_quantity(31103.5, "g") == "31,103.50"
+            quantity=Decimal("100"),
+            unit="shares",
+            entry_price=Decimal("400"),
+            entry_date=date.today(),
+        )
+
+        qty, unit, price = convert_position_to_display(pos, "XAU", date.today())
+
+        # Should convert to oz
+        assert unit == "oz"
+        backing = gld_ounces_per_share(date.today())
+        expected_qty = Decimal("100") * backing
+        assert abs(float(qty) - float(expected_qty)) < 0.0001
+        # Price should be per oz (share price / backing)
+        expected_price = Decimal("400") / backing
+        assert abs(float(price) - float(expected_price)) < 0.01
+
+    def test_xau_position_in_xau_mode_shows_oz(self) -> None:
+        """Physical gold position in XAU mode: show as-is in oz."""
+        pos = create_position(
+            underlying="XAU",
+            quantity=Decimal("50"),
+            unit="oz",
+            entry_price=Decimal("2000"),
+            entry_date=date.today(),
+        )
+
+        qty, unit, price = convert_position_to_display(pos, "XAU")
+
+        assert qty == Decimal("50")
+        assert unit == "oz"
+        assert price == Decimal("2000")
 
 
-class TestPositionToDisplayUnits:
+class TestConvertPriceToDisplay:
-    """Test position conversion to display units."""
+    """Test price conversion based on display mode."""
 
-    def test_gld_shares_in_gld_mode(self):
+    def test_share_price_to_gld_mode(self) -> None:
-        """Test GLD shares displayed as-is in GLD mode."""
+        """Share price in GLD mode: no conversion."""
-        pos = create_position("GLD", Decimal("100"), "shares", Decimal("230"))
+        price, unit = convert_price_to_display(Decimal("400"), "shares", "GLD")
-        qty, unit = position_to_display_units(pos, "GLD")
+        assert price == Decimal("400")
+        assert unit == "shares"
+
+    def test_oz_price_to_gld_mode(self) -> None:
+        """Oz price in GLD mode: convert to share price."""
+        oz_price = Decimal("4400")
+        price, unit = convert_price_to_display(oz_price, "oz", "GLD", date.today())
+
+        backing = gld_ounces_per_share(date.today())
+        # Share price = oz price × backing
+        expected = oz_price * backing
+        assert abs(float(price) - float(expected)) < 0.01
+        assert unit == "shares"
+
+    def test_share_price_to_xau_mode(self) -> None:
+        """Share price in XAU mode: convert to oz price."""
+        share_price = Decimal("400")
+        price, unit = convert_price_to_display(share_price, "shares", "XAU", date.today())
+
+        backing = gld_ounces_per_share(date.today())
+        # Oz price = share price / backing
+        expected = share_price / backing
+        assert abs(float(price) - float(expected)) < 1.0
+        assert unit == "oz"
+
+
+class TestConvertQuantityToDisplay:
+    """Test quantity conversion based on display mode."""
+
+    def test_shares_to_gld_mode(self) -> None:
+        """Shares in GLD mode: no conversion."""
+        qty, unit = convert_quantity_to_display(Decimal("100"), "shares", "GLD")
         assert qty == Decimal("100")
         assert unit == "shares"
 
-    def test_gld_shares_in_xau_oz_mode(self):
+    def test_shares_to_xau_mode(self) -> None:
-        """Test GLD shares converted to ounces in XAU_OZ mode."""
+        """Shares in XAU mode: convert to oz."""
-        pos = create_position("GLD", Decimal("100"), "shares", Decimal("230"))
+        shares = Decimal("100")
-        qty, unit = position_to_display_units(pos, "XAU_OZ")
+        qty, unit = convert_quantity_to_display(shares, "shares", "XAU", date.today())
+
+        backing = gld_ounces_per_share(date.today())
+        expected = shares * backing
+        assert abs(float(qty) - float(expected)) < 0.0001
         assert unit == "oz"
-        # Should be ~9.16 oz for 100 shares (depends on date)
-        assert Decimal("9") < qty < Decimal("10")
-
-    def test_gld_shares_in_xau_g_mode(self):
-        """Test GLD shares converted to grams in XAU_G mode."""
-        pos = create_position("GLD", Decimal("100"), "shares", Decimal("230"))
-        qty, unit = position_to_display_units(pos, "XAU_G")
-        assert unit == "g"
-        # Should be ~285 g for 100 shares
-        assert Decimal("280") < qty < Decimal("290")
-
-    def test_gld_shares_in_gcf_mode(self):
-        """Test GLD shares converted to contracts in GCF mode."""
-        pos = create_position("GLD", Decimal("1000"), "shares", Decimal("230"))
-        qty, unit = position_to_display_units(pos, "GCF")
-        assert unit == "contracts"
-        # Should be ~0.92 contracts for 1000 shares
-        assert Decimal("0.9") < qty < Decimal("1.0")
-
-    def test_xau_oz_in_gld_mode(self):
-        """Test XAU ounces converted to GLD shares in GLD mode."""
-        pos = create_position("XAU", Decimal("10"), "oz", Decimal("2150"))
-        qty, unit = position_to_display_units(pos, "GLD")
-        assert unit == "shares"
-        # 10 oz should be ~109 shares
-        assert Decimal("100") < qty < Decimal("120")
-
-    def test_xau_oz_in_xau_g_mode(self):
-        """Test XAU ounces converted to grams in XAU_G mode."""
-        pos = create_position("XAU", Decimal("10"), "oz", Decimal("2150"))
-        qty, unit = position_to_display_units(pos, "XAU_G")
-        assert unit == "g"
-        # 10 oz = 311.035 g
-        assert qty == Decimal("311.035")
-
-    def test_gcf_contracts_in_xau_oz_mode(self):
-        """Test GC=F contracts converted to ounces in XAU_OZ mode."""
-        pos = create_position("GC=F", Decimal("1"), "contracts", Decimal("215000"))
-        qty, unit = position_to_display_units(pos, "XAU_OZ")
-        assert unit == "oz"
-        # 1 contract = 100 oz
-        assert qty == Decimal("100")
-
-    def test_gcf_contracts_in_gld_mode(self):
-        """Test GC=F contracts converted to GLD shares in GLD mode."""
-        pos = create_position("GC=F", Decimal("1"), "contracts", Decimal("215000"))
-        qty, unit = position_to_display_units(pos, "GLD")
-        assert unit == "shares"
-        # 100 oz should be ~1092 shares
-        assert Decimal("1000") < qty < Decimal("1100")
 
 
-class TestCollateralToDisplayUnits:
+class TestGetDisplayUnitLabel:
-    """Test collateral conversion to display units."""
+    """Test display unit label helper."""
 
-    def test_collateral_in_gld_mode(self):
+    def test_gld_underlying_in_gld_mode(self) -> None:
-        """Test collateral converted to GLD shares."""
+        assert get_display_unit_label("GLD", "GLD") == "shares"
-        qty, unit = collateral_to_display_units(1000.0, "GLD")
-        assert unit == "shares"
-        assert qty > 10000  # Should be ~10920 shares
 
-    def test_collateral_in_xau_oz_mode(self):
+    def test_gld_underlying_in_xau_mode(self) -> None:
-        """Test collateral stays in ounces."""
+        assert get_display_unit_label("GLD", "XAU") == "oz"
-        qty, unit = collateral_to_display_units(1000.0, "XAU_OZ")
-        assert unit == "oz"
-        assert qty == 1000.0
 
-    def test_collateral_in_xau_g_mode(self):
+    def test_xau_underlying(self) -> None:
-        """Test collateral converted to grams."""
+        assert get_display_unit_label("XAU", "GLD") == "oz"
-        qty, unit = collateral_to_display_units(1000.0, "XAU_G")
+        assert get_display_unit_label("XAU", "XAU") == "oz"
-        assert unit == "g"
-        assert qty == pytest.approx(31103.5, rel=0.01)
-
-    def test_collateral_in_gcf_mode(self):
-        """Test collateral converted to contracts."""
-        qty, unit = collateral_to_display_units(1000.0, "GCF")
-        assert unit == "contracts"
-        assert qty == pytest.approx(10.0, rel=0.01)
 
 
-class TestPortfolioConfigDisplayMode:
+class TestPortfolioSnapshotWithDisplayMode:
-    """Test PortfolioConfig display_mode field."""
+    """Test portfolio snapshot respects display mode."""
 
-    def test_default_display_mode(self):
+    def test_gld_mode_snapshot_uses_shares(self) -> None:
-        """Test default display mode is GLD."""
+        """GLD mode: snapshot shows shares and share price."""
-        from app.models.portfolio import PortfolioConfig
+        config = PortfolioConfig(
+            entry_price=2150.0,
+            gold_ounces=100.0,
+            entry_basis_mode="weight",
+            loan_amount=145000.0,
+            display_mode="GLD",
+        )
 
-        config = PortfolioConfig()
+        snapshot = portfolio_snapshot_from_config(config, runtime_spot_price=400.0)
-        assert config.display_mode == "GLD"
 
-    def test_custom_display_mode(self):
+        # In GLD mode, spot_price should be the share price (400.0)
-        """Test custom display mode."""
+        assert snapshot["spot_price"] == 400.0
-        from app.models.portfolio import PortfolioConfig
+        # gold_units should be in shares (converted from oz using backing)
+        backing = float(gld_ounces_per_share(date.today()))
+        expected_shares = 100.0 / backing
+        assert abs(snapshot["gold_units"] - expected_shares) < 0.01
+        # gold_value = shares × share_price
+        expected_value = expected_shares * 400.0
+        assert abs(snapshot["gold_value"] - expected_value) < 0.01
+        assert snapshot["display_mode"] == "GLD"
 
-        config = PortfolioConfig(display_mode="XAU_OZ")
+    def test_xau_mode_snapshot_uses_oz(self) -> None:
-        assert config.display_mode == "XAU_OZ"
+        """XAU mode: snapshot shows oz and oz price."""
+        config = PortfolioConfig(
+            entry_price=2150.0,
+            gold_ounces=100.0,
+            entry_basis_mode="weight",
+            loan_amount=145000.0,
+            display_mode="XAU",
+        )
 
-    def test_display_mode_in_to_dict(self):
+        snapshot = portfolio_snapshot_from_config(config, runtime_spot_price=2150.0)
-        """Test display_mode is included in to_dict."""
-        from app.models.portfolio import PortfolioConfig
 
-        config = PortfolioConfig(display_mode="XAU_G")
+        # In XAU mode, spot_price should be oz price (2150.0)
-        config_dict = config.to_dict()
+        assert snapshot["spot_price"] == 2150.0
-        assert "display_mode" in config_dict
+        # gold_units should be in oz
-        assert config_dict["display_mode"] == "XAU_G"
+        assert snapshot["gold_units"] == 100.0
+        # gold_value = oz × oz_price
+        assert snapshot["gold_value"] == 215000.0
+        assert snapshot["display_mode"] == "XAU"
 
-    def test_display_mode_in_from_dict(self):
-        """Test display_mode is restored from dict."""
-        from app.models.portfolio import PortfolioConfig
 
-        config_dict = {
+class TestResolvePortfolioSpotFromQuote:
-            "gold_value": 215000.0,
+    """Test spot price resolution respects display mode."""
-            "entry_price": 2150.0,
+
-            "gold_ounces": 100.0,
+    def test_gld_mode_returns_share_price_directly(self) -> None:
-            "display_mode": "GCF",
+        """GLD mode: return GLD share price without conversion."""
+        config = PortfolioConfig(
+            entry_price=2150.0,
+            gold_ounces=100.0,
+            display_mode="GLD",
+        )
+
+        quote = {
+            "symbol": "GLD",
+            "price": 404.19,
+            "quote_unit": "share",
+            "source": "yfinance",
+            "updated_at": "2026-03-24T00:00:00+00:00",
         }
-        config = PortfolioConfig.from_dict(config_dict)
+
-        assert config.display_mode == "GCF"
+        spot, source, updated_at = resolve_portfolio_spot_from_quote(config, quote)
+
+        # In GLD mode, should return share price directly
+        assert spot == 404.19
+        assert source == "yfinance"
+
+    def test_xau_mode_converts_to_oz_price(self) -> None:
+        """XAU mode: convert GLD share price to oz-equivalent."""
+        config = PortfolioConfig(
+            entry_price=2150.0,
+            gold_ounces=100.0,
+            display_mode="XAU",
+        )
+
+        quote = {
+            "symbol": "GLD",
+            "price": 404.19,
+            "quote_unit": "share",
+            "source": "yfinance",
+            "updated_at": "2026-03-24T00:00:00+00:00",
+        }
+
+        spot, source, updated_at = resolve_portfolio_spot_from_quote(config, quote)
+
+        # In XAU mode, should convert to oz price
+        backing = float(gld_ounces_per_share(date.today()))
+        expected_spot = 404.19 / backing
+        assert abs(spot - expected_spot) < 0.01
+        assert source == "yfinance"
+
+
+class TestBuildAlertContextWithDisplayMode:
+    """Test alert context respects display mode."""
+
+    def test_gld_mode_context_uses_shares(self) -> None:
+        """GLD mode: alert context shows shares."""
+        config = PortfolioConfig(
+            entry_price=2150.0,
+            gold_ounces=100.0,
+            loan_amount=145000.0,
+            display_mode="GLD",
+        )
+
+        context = build_alert_context(
+            config,
+            spot_price=400.0,  # Share price
+            source="yfinance",
+            updated_at="2026-03-24T00:00:00+00:00",
+        )
+
+        # Should show shares, not oz
+        backing = float(gld_ounces_per_share(date.today()))
+        expected_shares = 100.0 / backing
+        assert abs(context["gold_units"] - expected_shares) < 0.01
+        assert context["display_mode"] == "GLD"
+
+    def test_xau_mode_context_uses_oz(self) -> None:
+        """XAU mode: alert context shows oz."""
+        config = PortfolioConfig(
+            entry_price=2150.0,
+            gold_ounces=100.0,
+            loan_amount=145000.0,
+            display_mode="XAU",
+        )
+
+        context = build_alert_context(
+            config,
+            spot_price=2150.0,
+            source="yfinance",
+            updated_at="2026-03-24T00:00:00+00:00",
+        )
+
+        assert context["gold_units"] == 100.0
+        assert context["display_mode"] == "XAU"