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1·On December 2, for the first time in history, gold reached backwardation.

12月2日，历史上首次出现黄金现货溢价。

2·I consider gold's backwardation as a leading indicator to a dramatic increase in prices.

我认为黄金的现货溢价正是黄金价格显著上涨的一个领先指标。

3·Contango is the normal relationship between the spot price and the futures price and is the opposite of backwardation.

期货升水是现货与期货价格之间的正常关系。

4·Backwardation is the opposite of contango, representing a situation in which the spot price is higher than the price for future delivery.

现货溢价正好和期货溢价相反，表示现货价格高于期货价格的一种情况。

5·This is called backwardation and signals that investors are spooked by the current environment, but don't necessarily think it will persist.

这种情形称为期货”倒价“，表明投资者受到目前环境的惊吓，但不必然意味着这种情绪将长期保持下去。

6·Mr Rudden says investors should look at commodity futures, rather than pure commodities, to take advantage of backwardation in these markets (see opposite page).

卢顿表示，投资者应关注大宗商品期货，而不是纯粹的大宗商品，以利用这些市场上的“现货升水”(backwardation)。

7·Judging by gold backwardation (discussed later) and the bearish charts on the bubbly debt ETFs, I think the debt monetization and dollar devaluation will begin within the next six weeks.

从黄金现货溢价(以后讨论)和国债交易所交易基金这些泡沫的看跌图形，我认为债务货币化和美元贬值将在未来6个星期内开始。

8·What that means is that within the thicket of terms like VaR, backwardation, contango, tranche, and junk bond, we find some familiar animal friends - although often in some strange contexts.

而在错综复杂的诸如加值型经销商、现货溢价、期货溢价、一期款项、垃圾债券这类术语中，还有一些我们熟悉的动物伙伴——尽管它们也常出现在奇怪的语境中。

9·But despite sharply higher warrant premiums in Singapore, the disappearance of the backwardation has yet to boost CIF premiums elsewhere in Asia. In fact, in several countries they continue to fall.

尽管新加坡仓单升水大幅上涨，但铝价倒挂局面的消失并未促进亚洲其它地区铝升水cif报价的提高，事实上，有几个国家铝升水的CIF报价持续下跌。

10·While a contango, the more common scenario with futures, implies that nearby contracts are cheaper than forward ones, backwardation refers to the opposite scenario, in which nearby prices are higher.

然而未来铝价呈现顺价结构将会成为一种更为普遍的现象，这意味着近期合约价格要比远期合约价格更低，而铝价倒挂的情况刚刚相反。

现货溢价

1·Judging by gold backwardation (discussed later) and the bearish charts on the bubbly debt ETFs, I think the debt monetization and dollar devaluation will begin within the next six weeks.

从黄金现货溢价(以后讨论)和国债交易所交易基金这些泡沫的看跌图形，我认为债务货币化和美元贬值将在未来6个星期内开始。