There is intraday commentary on the subject of gold backwardation here.
You may read it, but to summarize it in twenty five words or less, 'If the problem is a shortage of physical supply, about the last place you would go to resolve it would be the COMEX futures.'
I also wrote a short piece that in retrospect went three times longer than necessary wherein I talk around some of the goofier comments I have seen about the precious metals markets lately in the mainstream media.
Today was fairly quiet for an option expiration, even with the overnight head fake of a bear raid. Let's see how the holders of new contracts and short positions fare tomorrow and on Monday.
Remember that next week begins the August delivery period.
Stand and deliver.
