Silver Backwardation Means Institutions Don't Have Metal

``Why do institutions not take the risk-free profit offered to them in gold and silver? I don't believe it's because they are afraid of the risk.. The financial system is not going to collapse in 5 weeks, and if it were then the farther futures would fall further into backwardation... [but] to profit from backwardation, one decarries by selling physical and buying a future. The prerequisite is that one needs the metal.''