Silver Open Interest/ Backwardation Update

Yesterday Zerohedge reported that silver had moved firmly into backwardation with the March contract.  While we would like this to be true, according to the CME's open interest data, that is not currently the case, as the CME daily settlements for 1/6/12 indicates silver is trading in contango from spot through the Sept 2013 contract, and enters backwardation with the Dec 13 contract.  Back end months do remain firmly in backwardation however, with the Dec 16 contract trading at a 0.675 discount to spot.
Open interest continues to slowly rebound from its low last month at 94,999, to 106,471.

Daily Settlements for Silver Futures (FINAL) Trade Date: 01/06/2012
Month	Open	High	Low	Last	Change	Settle	Estimated Volume	Prior Day Open Interest
JAN 12	29.350	29.405	28.675	-	-.612	28.653	77	44
FEB 12	29.255	29.390	28.575	-	-.609	28.666	54	97
MAR 12	29.285	29.460	28.570	-	-.613	28.683	37,094	57,726
MAY 12	29.230	29.480	28.640	-	-.612	28.724	1,384	10,562
JLY 12	29.355	29.485	28.760	-	-.611	28.755	921	4,232
SEP 12	28.780	29.185	28.780	-	-.611	28.776	25	2,677
DEC 12	29.455	29.455	28.790	-	-.611	28.807	626	14,195
JAN 13	-	-	-	-	-.611	28.804	-	9
MAR 13	-	-	-	-	-.610	28.798	-	1,194
MAY 13	-	-	-	-	-.609	28.779	-	1,085
JLY 13	-	-	-	-	-.608	28.756	8	3,211
SEP 13	-	-	-	-	-.608	28.715	-	165
DEC 13	-	-	-	-	-.608	28.652	9	8,170
JLY 14	-	-	-	-	-.605	28.519	-	794
DEC 14	28.600	28.600	28.600	-	-.603	28.450	1	1,451
JLY 15	-	-	-	-	-.598	28.305	-	227
DEC 15	28.550	28.550	28.550	-	-.593	28.210	9	591
JLY 16	-	-	-	-	-.593	28.077	-	38
DEC 16	-	-	-	-	-.593	27.977	-	3
Total							40,208	106,471