Focused on Acquiring and Developing High Quality Gold and Diamond Properties

Channel Sample Results Returning Up to 146.19 g/t Au. (Average 22.75 g/t Au) and Drill Results Up to 19.64 g/t Au

Hub Home

> Log In

Demo Video
Private Messages
Edit My Profile
View/Edit Portfolio

AGORACOM News Flash

ATTENTION AGORACOM MEMBERS - WE'RE GROWING AGAIN & YOU'RE INVITED:

Hey, gang. We're really proud to announce another great tool for our members and all online investors. Here's the news:

1. AGORACOM Launches Online Conferences (Full Story)

2. AGORACOM Announces 1st Conference. The AGORACOM Online Gold & Commodities Conference (Full Story). December 3-4. Save The Date!

Looking forward to your feedback. Thanks and have a great day!

Regards,
George, Paul et al.

Message: First Ever Gold “Backwardation” Could Signal Price Spike As COMEX Runs Out Of Au

Reply New Message

« Prev Message Back To Forum Go to Threaded View Next Message »

AGORACOM

Rank: [?]

Administrator

Did you know? You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.)

First Ever Gold “Backwardation” Could Signal Price Spike As COMEX Runs Out Of Au

posted on Dec 11, 08 05:44AM

Dear shareholders,

AGORACOM Chief Commentator, Peter Grandich, made a call to BNN to alert them about this article on gold officially hitting backwardation. Backwardation occurs when the futures price of a commodity is lower than prices in the cash market.

Forward prices for gold turned negative on December 2nd and, according to Antal Fekete the author of the story, this is the first time it has happened in history (with the exception of contract expiry dates for a couple of minutes). Fekete states:

“On December 2nd, at the Comex in New York, December gold futures
(last delivery: December 31) were quoted at 1.98% discount to spot,
while February gold futures (last delivery: February 27, 2009) were
quoted at 0.14% discount to spot. (All percentages annualized.)

The condition got worse on December 3rd, when the corresponding
figures were 2% and 0.29%. This means that the gold basis has turned
negative, and the condition of backwardation persisted for at least 48 hours.“

Please click here to read the AGORACOM blog in its entirety.

Regards,

AGORACOM Investor Relations

Reply New Message

« Prev Message Back To Forum Go to Threaded View Next Message »