The premiums are pressed rather heavily, reflecting both short selling and a type of capitulative pessimism.
As you know I tend to view 1420 as key downside support for gold.
“Modern tyranny is terror management. When the terrorist attack comes, remember that authoritarians exploit such events in order to consolidate power. The sudden disaster that requires the end of checks and balances, the dissolution of opposition parties, the suspension of freedom of expression, the right to a fair trial, and so on, is the oldest trick in the Hitlerian book. Do not fall for it.”
Timothy Snyder, On Tyranny