The December gold future went into backwardation today, July 31.
Below, we show the dates when previous gold contracts went into backwardation. As you can see, it is creeping farther and farther out.
This is a picture of gold availability to the market drying up.
– Apr first backwardated Feb 15, 30 trading days before April 1
– Jun first backwardated Apr 4, 42 trading days before June 1
– Aug first backwardated May 16, 55 trading days before Aug 1
– Oct first backwardated Jul 8, 61 trading days before Oct 1
– Dec first backwardated Jul 31, 67 trading days before Dec 1