via INO.com - Silver Aug2014/Aug2018 Spread
One thing that people refuse to acknowledge is that silver had seen many months of chronic backwardation prior to its re-rating.
The gold spread and the silver spread present dramatically different opportunities:
http://quotes.ino.com/charting/index.html?s=NYMEX_SI.Q14_N18.E&t=l&a=0&w=1&v=dmax
-F6