The Phaserl


The Truth About Gold Backwardation

from Gold Silver Worlds:

There is a lot of talk about gold being in backwardation lately. The “narrative” implies that it is bullish for gold as investors and traders are in need of the metal right here right now; they cannot wait until a later point in time so the gold price should adjust sooner rather than later.

What to make out of this? Although the gold price has achieved some sort of a bottom lately, sentiment still remains at extremely negative levels. The following chart says it all (courtesy of

From a contrarian perspective this could be bullish but odds are not very high within the current macro-economic and market context (think of tapering, higher interest rates, low perceived inflation expectation based on official data).

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