现货溢价

I consider gold's backwardation as a leading indicator to a dramatic increase in prices.

我认为黄金的现货溢价正是黄金价格显著上涨的一个领先指标。

For one thing, it causes the market to tilt into backwardation.

首先，这会导致市场趋向于现货溢价。

On December 2, for the first time in history, gold reached backwardation.

12月2日，历史上首次出现黄金现货溢价。

Once the market is in backwardation, refiners have limited ability to offload risk without locking in losses.

一旦石油市场出现现货溢价，炼厂就很难毫无损失的摆脱风险。

In fact, crude began its most recent backwardation in August 2007 at around $75/barrel and increased dramatically over the next nine months to $133/barrel at contango levels.

事实上，原油价格在2007年8月每桶75美元的时候开始其最近一次的现货溢价，随后油价在接下来的9个月内暴涨至每桶133美元的期货溢价水平。

Also, private investors have to factor in the movement back and forth between contango and backwardation as well as consider the impact of any move in Treasury Bill yields.

此外，私人投资者必须考虑到期货溢价和现货溢价之间的来回波动，同时还要考虑到美国国债收益率波动带来的影响。

These actions exacerbate backwardation (premium for prompt over forward prices).

交易者的这些决策加剧了现货溢价（指现货价格超过期货价格）问题。

Backwardation is the opposite of contango, representing a situation in which the spot price is higher than the price for future delivery.

现货溢价正好和期货溢价相反，表示现货价格高于期货价格的一种情况。

Backwardation represents a perceived lack of supply (in this case, the artificial supply the Fed would always issue at strategic times no longer exists), causing investors to pay a premium for guaranteed delivery.

现货溢价表示认为供应缺乏（在这种情况下，美联储在战略紧要时候发布的虚假供应不再存在了），导致投资者支付溢价以保证交货。

Though it is difficult to gauge, spot premia may have fallen to around ?

尽管很难判断，现货溢价可能跌至80欧元/吨，有些交易据称溢价低达20欧元/吨。

But we don't care about Battlegrounds.

但我们并不在乎沙场中的显露。

Ah! don't mention it, the butcher's shop is a horror.

啊！不用提了。提到肉，真是糟透了。