It’s too late on a Friday to even try to begin to explain.
But news comes to us of “gold backwardation” and quite a startling opposite effect in silver.
The following charts (to discuss amongst yourselves) come courtesy of Sean Corrigan at Diapason Commodities:
First the gold basis:
And here’s the silver basis:
The gold contango trade, charts du jour - FT Alphaville
A GLD contango strategy? - FT Alphaville