f-f-friday trades!, page-16

rjaadave; by backwardation, I assume you mean the forward futures trading at a discount. Anyway, I have gold, silver and copper from the 5 u have asked about, and none are in negative numbers. Copper has actually seen a bit of extra premium in the forwards in the last week. Silver has not seen negative forward spreads since 2003, and gold hasn't for all my data back to 1980. Gold has seen the premiums on forwards push down a bit like the silver chart I just posted, but nowhere near as drastically.