I don't know whether gold is officially in backwardation anymore according to the numbers. I haven't heard anything from Fekete or the others. But there is an ever-increasing difference between the numbers on your computer screen or on paper, versus the price of physical gold in the real world.
The demand for gold is so strong now http://www.news.com.au/dailytelegraph/story/0,22049,24894346-5014099,00.html that Perth Mint in Australia is rationing its sales. That means you have to wait a while if you try to buy gold coins from them.
For all practical purposes, this counts as a 'failure to deliver' in my mind. They cannot sell as much as people are demanding, and yet, their price remains low, according to the computer-screen numbers.
I'm guessing that this will happen to more coin sellers and not just Perth Mint in Australia.
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