GOLDBUGS AMEX Goldbugs Index (GOLD)

[MetalFillBoy]

Hello al44.

Question:

...on December 2nd, at the Comex in New York, December gold futures (last delivery: December 31) were quoted at 1.98% discount to spot....

Ok, I thought that the trading of the futures set the spot price. What am I missing?

Another question: How is this type of bacwardation different than this case of it in 2003, over 5 years ago:

http://www.investmentrarities.com/09-22-03.html

Thanks for any clarity on this backwardation.