$IRX Weekly

S&P at new highs is a given when treasury bill issuance in the U.S. is also at new highs.

A period of much lower interest rates will be supportive for gold prices going forward.

Rates on the stockcharts.com are represented by a 10X multiple on this chart:

http://scharts.co/1cFDeTH

via INO.com - Gold Spread

The backwardation trade in gold saw a decline during the rally in gold prices this week:

http://quotes.ino.com/charting/index.html?s=NYMEX_GC.M14_Z19.E&t=l&a=0&w=1&v=d1

There is probably more financial interest in trading backwardation in gold than creating another volatility smile.

Some futures markets don't trade on a regular basis, though trades happened in all futures contracts for gold:

http://finance.yahoo.com/q/fc?s=GCF14.CMX+Futures+Chain

The surge in gold prices attenuated any downward momentum that might be imagined in bullion markets. Gold bugs kissing their rosary beads waiting for a gold price coda in summer because it's just like the '70's, doncha know, are going to have to thank their stars that the ECB set a negative deposit rate. Run the cursor over the shortest dated treasury bills up to two years:

http://www.ecb.europa.eu/stats/money/yc/html/index.en.html

http://scharts.co/1iHb6W2

-F6