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Deepest backwardation since 2007 shows world is short of commodities
Fortunately there's still plenty of gold and silver -- as long as no one takes delivery
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By Gerson Freitas Jr. and Michael Roschnotti
Bloomberg News
Friday, April 30, 2021
For an idea of exactly how strong the fundamentals are for commodities such as metals, agriculture, and oil today, consider this: These markets are now showing the steepest backwardation in more than 14 years.
That is, the premium for commodities that can be delivered now versus later into the future is the highest it has been since at least 2007, signaling just how strong the world's demand is for raw materials and how tight supplies are.
... Dispatch continues below ...
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Honey Badger Silver's Chad Williams
talks with Chris Marcus of Arcadia Economics
Honey Badger Silver's executive chairman, Chad Williams, tells Chris Marcus of Arcadia Economics that "inflation is here" already and that rising interest rates didn't impede gold and silver in the 1970s and won't necessarily impede them today.
Honey Badger Silver is a Canadian silver company based in Toronto that is building a portfolio of silver and other assets. The company has a big position in Ontario's prolific Thunder Bay Silver District. The company's shares trade on the TSX Venture Exchange under the symbol TUF and over the counter in the U.S. as HBEIF. The company's internet site is here:
https://honeybadgersilver.com/
Williams' interview with Marcus is 25 minutes long and can be viewed at YouTube here:
https://www.youtube.com/watch?v=SnNg2-cMR4Q&t=4s
In commodities markets, futures are frequently pricier at longer maturities because they reflect the cost of carrying inventories over time as well as future demand expectations. But urgent demand has flipped about half of major commodity markets tracked by the Bloomberg Commodity Index -- including oil, natural gas, copper, and soybeans -- into backwardation. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2021-04-30/deepest-backwardation...
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Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
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http://www.gata.org/files/GATA-4-wine-bottles.jpg
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To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
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Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
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