via INO.com - April2015/Dec2020 Spread

Gold's advance towards backwardation is slowly resuming after a pause during intensive bear raids. Considering that gold prices have not yet achieved backwardation while other commodities have been and gone speaks volumes about the price trend.

Probably switch to the June contract very soon.

http://quotes.ino.com/charting/index.html?s=NYMEX_GC.J15_Z20.E&v=dmax&t=l&a=0&w=30

via AU Report - Tocqueville

imo, Tocqueville should be reducing exposure to royalty companies, as they're heavily exposed to copper price declines. The fact that base metal miners have relied heavily on selling their by-product gold production to royalty companies suggests that they have been painted into a corner for a long time on base metals price declines and have merely selling forward production in the hopes base metals prices recover substantially. They should be heavily investing in gold mining companies with the potential to provide a yield, and for the very long term. For now precious metals streaming companies have staved off a capitulation in the mining sector.

http://seekingalpha.com/article/2994046-the-simple-test-tocquevilles-john-hathaway-and-doug-groh-use-to-determine-if-gold-is-at-a-bottom

- F6