http://www.abovetopsecret.com/forum/thread417418/pg1
antal fekete says:

December 2, 2008, was a landmark in the saga of the collapsing international monetary system, yet it did not deserve to be reported in the press: gold went to backwardation for the first time ever in history. The facts are as follows: on December 2nd, at the Comex in New York, December gold futures (last delivery: December 31) were quoted at 1.98% discount to spot, while February gold futures (last delivery: February 27, 2009) were quoted at 0.14% discount to spot. (All percentages annualized.) The condition got worse on December 3rd, when the corresponding figures were 2% and 0.29%. This means that the gold basis has turned negative, and the condition of backwardation persisted for at least 48 hours. I am writing this in the wee hours of December 4th, when trading of gold futures has not yet started in New York.

Watch the intellectual heavyweights here mock this

People can talk all they want about banking collapses; loans won't be made and recession will deepen, big deal
If the Russians force a default on the COMEX, it's a whole new ballgame. Volcker style interest rate hikes won't work this time, there aren't enough county marshalls to force all those people out of their newly foreclosed homes