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In equilibrium, the gold futures market will be in backwardation a. never b. always c. when investors, on average, expect gold prices to decline d.

In equilibrium, the gold futures market will be in backwardation

a. never

b. always

c. when investors, on average, expect gold prices to decline

d. when the convenience value is greater than the storage cost

e. when the storage cost is greater than the financing cost

Answer should be "never" but not sure if that's right

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