Viewing the Gold Calendar spread gives the viewer a good sense of the inventory trends in Gold. If the Gold Calendar Spread is moving up then the market is pricing in a continued incentive to store Gold. As the Gold Calendar spread moves from .00 to .10 & .20, this displays Gold moving into what is known as Contango. We’ve read many stories and articles about low levels of inventory at major banks, for example, J.P Morgan. If the Gold Calendar spread is any guide, commercial participants look to be starting to store more Gold in inventory.