Backwardation

http://en.wikipedia.org/wiki/Normal_backwardation

Backwardation refers to the market condition wherein the price of a forward or futures contract is trading below the present spot price. The resulting futures or forward curve would typically be downward sloping (i.e. "inverted"), since contracts for farther dates would typically trade at even lower prices. (The curves in question plot market prices for various contracts at different maturities—cf. term structure of interest rates) 

Normal backwardation refers to the market condition wherein the price of a forward or futures contract is less than the expected future spot price (i.e. theoretical forward or futures price form the cost-of-carry model).

The opposite market condition to backwardation is known as contango.

A backwardation starts when the difference between the forward price and the spot price is less than the cost of carry, or when there can be no delivery arbitrage because the asset is not currently available for purchase.

 Hi-ho silver.