Gold & Silver in Backwardation at Today’s Lows

from King World News

The gold and silver markets went into backwardation at today’s lows — below $26 for silver and at $1,700 for gold, which hit a low of $1,699.65 in the paper futures market. Here is what that means.

March 3 (King World News) – James Turk out of London: Not a lot of people are watching gold and silver at the moment, Eric, because sentiment is so depressed, which is actually quite bullish. Extreme levels of sentiment often signal important bottoms and tops, from which trend reversals occur.

The low sentiment at the moment is understandable. This ongoing consolidation of last summer’s big rallies in the precious metals continues to drag on longer than normal. So that has put a lot of people on the sidelines. But they should be watching because there were some bullish signs today.

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