via INO.com - June 2016/Dec 2021 Spread

One chart that has been declining while gold prices broke out from a long term downtrend, is the spread trade between the near futures and longest dated futures.

You would expect on the resumption of the bull market in gold that spreads would narrow significantly. But instead, they've widened, with a sharp rebound as gold prices jumped after FOMC.

If the decline is over, then the bull is set to continue, not so much on the basis of improved fundamentals, but a currency decline.

http://quotes.ino.com/charting/index.html?s=NYMEX_GC.M16_Z21.E&t=l&a=0&w=1&v=dmax

via New Gold - New Gold Writes Options Contracts

Interesting move by New Gold writing options contracts supplying gold, to establish a floor price and guarantee cash flow:

http://www.newgold.com/m/#/Press_Releases/5f757e01-aaa3-4527-b45c-6dd3563bb288

-F6