Gold backwardation--again

I was scanning the Bloomberg TV ticker tape after hours on Friday, when most traders in the US had gone home. Trading was resuming in Asia (their Saturday morning), and gold had gone into backwardation by at least $2, indicating a severe shortage in physical gold.

Here are a couple explanations on backwardation from previous blogs:

http://gregnguyen.blogspot.com/2009/01/contango-why-this-dance-is-important.html

http://gregnguyen.blogspot.com/2009/05/gold-in-backwardation-again.html

I'm not sure if the correct interpretation of backwardation means gold longs are starting to win the battle. It's probably more correct to surmise that shorts are losing the battle.

Disclosure: I am long physical gold and silver, and long gold and silver mining shares.