via 5i Research - The Trade Of The Century

The following article seems to me to be similar to the situation in gold. That gold spot prices could eventually see backwardation over the longest futures contract seems a given with the ECB negative interest rate policy, and rates hovering just above zero. European banks involved in the gold fix are now out, leaving other banks holding the bag:

http://priceonomics.com/the-trade-of-the-century-when-george-soros-broke/

It's unbelievable that people have had the entire weekend to reflect on the implications.

-F6