Today, the gold backwardation went into an extreme. The 12 month GOFO rate went to 0.06, a new historic low. At this rate we will be in backwardation on the 1 year GOFO rate in a few days. The fundamentals get better and better. Also the gold premiums are rising again on APMEX. And I can't imagine what will happen when the Russian situation escalates. And don't forget that the yuan is collapsing to new lows as we speak. Japan has the highest inflation in a decade. Unemployment in Europe is hitting new highs. Stock market bubble in U.S. is about to collapse. Etc...
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