UPDATE Jan 22: The original was correct.
UPDATE: I think I have “backwardation” incorrect. It’s when the front month SIFO’s are greater than rear month SIFO’s. Not when they go below zero.
James Turk had a great article: More on backwardation. Checking the LBMA silver forward rates showed silver has been in backwardation not only since since December 8th (and counting), but also 3 months forward. Gold was just in backwardatinon 3 days and 2 months forward.