James Turk : Gold should be in backwardation even though interest rates don't show it.

In a recent interview with www.mineweb.com James Turk said that Gold is not just another commodity : JAMES TURK : No definitely not - because gold is not like other commodities. Gold is in fact not a commodity it's money. It's a tangible asset like other commodities but it is in a different asset class within this tangible asset group. Commodities are consumed and they disappear, gold does not get consumed, it doesn't disappear, it continues to be accumulated every year, there's about 1.5% more gold added to the above ground stock of gold - and the reason why gold is accumulated in this way is because it's money and as a consequence it has an interest rate structure that is determined by the market, so gold should be in backwardation even though interest rates don't show it.