spoon

we are in the midst of massive wealth distruction the likes of which most here haven't seen

gold has a lot further to fall. i don't see any reason to bounce before $690.

typically, a backwardated market is accompanied by a rising spot price but not always. but the mere perception that something is afoot should see silver outperform gold in the short term. the commodity complex on the whole is due something of a bounce with credit concerns abating and silver ought to benefit more from this. but i wouldn't bet against the greater trend of silver underperformance reasserting itself soon.

silver has gone into backwardation today.

Dec Comex silver is trading 5 cents UNDER spot physical London delivery.