via Yahoo! Finance - Gold Futures Chain

According to the gold futures chain on Yahoo Finance, there is no backwardation in futures contracts, only contango. If there was any backwardation, it was washed out during the correction in prices. The previous article does demonstrate, however that rolling over of gold contracts, while it may cause temporary backwardation in prices, is necessary to carry over those contracts into the next month's expiry.

http://finance.yahoo.com/q/fc?s=GCG13.CMX

There is one source on the web which can point out to you how rGold looks in the throes of yet another massive sell-off of gold contracts, that the gold price is in drastically oversold condition. The charts in this article were published just prior to the Friday correction, so this merely adds to the conclusion that gold is basically chronically oversold:

http://www.safehaven.com/article/28819/golds-young-upleg

Bear in mind that GBN.V takes a very pessimistic view of the gold price, and sees it as perennially crashing while the price should rise. Their outlook is to continue to develop and grow the company based on a gold price assessment far below the present gold price.

Naked shorters of GBN.V stock will, however see the decline in GBN.V share prices as a massive opportunity to get in short and continue to defend their positions, especially should equity markets sell off, and bond markets rise once again. They are piling on the shorts in antcipation of the next leg up in bonds, in a get-me-in feeding frenzy in the complete absence of buyers in GBN.V stock:

http://www.safehaven.com/article/28827/get-me-in-mania

All of this is occurring while the CFO is appointed as CEO, the best possible scenario, while the Komis mine was under development throughout 2012. Those results are pending end of March for Q3, fiscal 2013.

Perhaps Clarlus had some sway with the board and the board decided they had meddled enough.

We'll see how that works out.

-F6