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I thought this further clarification from Bill would be of interest to the general audience . . .
Stephen,
I thought I should clarify what I sent to you in an email earlier this week concerning gold backwardation. What many people are talking about is the current cash price for physical gold being approximately $1250/oz this morning versus the Dec Futures price being only $824/oz. What I was referring to in the futures business is that when a true inverted basis or backwardation occurs, it will also be reflected in the Dec futures price being much higher than the next trading month's futures price, in this case February gold, which today is currently trading at $828 dollars per ounce. Though obviously gold has rallied some the past few days, I don't believe the real fireworks will start until you see it in the futures market premiums as well as the cash premiums, thus forcing delivery by bidding up the closest month's price. I hope this clarifies what I wrote for your readers.
Thanks,
Bill
Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More
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