Because the next successive contracts are not in backwardation (in silver, all contracts from Jul 2015 on are backwardated), it is not a collapse of trust. I think that it is a lack of unencumbered metal. The markets for precious metals, silver more than gold, have become quite tight.Read it at Zero Hedge
Backwardation in Gold And Silver
by Keith Weiner
Question is why so tight? PM markets signal expectations.