Silver Backwardation Continues

Silver backwardation is holding fairly steady.  Last Wednesday, we noted that silver was in contango from front months through March of 2012, but from March 2012 on out, silver was in backwardation, with the Dec 2015 contract trading at a $1.05 discount to front month.
Take a look at today's data, silver's backwardation remains almost unchanged.
Again, silver remains in contango from front months through March 2012.  And again, silver goes into backwardation from May 2012 on out, with the Dec 2015 contract trading at a $1.06 discount to front months.  Look for silver's backwardation to increase as we near silver's delivery month of July, and default rumors begin to pick up again.

New York Mercantile Exchange (NYMEX) › Metals › SILVER (SI)
                 Last      Change          Time

Jun 2011 36.776   +0.589       set 13:43 Jul 2011  36.782  +0.591 set 13:43 Aug 2011  36.796  +0.595 set 13:43 Sep 2011  36.804  +0.593 set 13:43 Dec 2011  36.822  +0.593 set 13:43 Jan 2012  36.811  +0.593 set 13:43 Mar 2012  36.783  +0.592 set 13:43 May 2012  36.750  +0.593 set 13:43 Jul 2012  36.725  +0.593 set 13:43 Sep 2012  36.704  +0.593 set 13:43 Dec 2012  36.679  +0.593 set 13:43 Jan 2013  36.648  +0.593 set 13:43 Mar 2013  36.582  +0.595 set 13:43 Jul 2013  36.495  +0.598 set 13:43 Dec 2013  36.376  +0.606 set 13:43 Jul 2014  36.183  +0.606 set 13:43 Dec 2014   36.047  +0.606 set 13:43 Jul 2015  35.845  +0.606 set 13:43 Dec 2015  35.710  +0.606 set 13:43