Just wanted to be sure that this got a fair hearing on Main Street.
I met Paul through NN-L. He is an outstanding analyst and his research papers are always first rate. Below is a Scribd doc of his latest: "Collateral: Could the Post-Lehman Reflation Be Reaching Its Limits?"
Please take the time to read and consider the entire article but you'll want to pay particular attention from page 14 on as Paul discusses the current backwardation and negative forward rates in gold.