``The picture is even starker in silver. Not only are its forwards also in clear downtrends, silver 6-months forward has been continuously in backwardation since June 2nd and mainly in backwardation for more than one year. What does it all mean? In a word, it is bullish. The only way the increasing demand for physical metal can be met is with higher prices. The higher price will at some level entice people to sell their metal and hold a national currency instead, as I explained in my previous article, The Precious Metals Power Higher.''

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