I haven't mentioned this but some future contracts out to Dec 2015 have been in backwardation for a week or so on a continuous basis. Since LBMS did away with publishing this metric last winter it has been harder to track but some smart people know how but rarely mention it. I have seen this reported a few times lately in a very quiet way. BTW, this should never happen in gold market technically because should be arbed away fast, so suggests some real shortages of bullion available for near term delivery of size. I mention for interest only for those who follow the gold story closely, I'm not drawing any conclusions because this maze is so opaque and complex.