Futures Silver prices are in backwardation again. Take a look at the snapshot below:
Note the column labelled "Last". The prices that are further into the future are lower than the cash price or the September '12 price. This is rare and abnormal in the silver market and is usually an indication of physical shortage or suspicion of shortages. There has been much previous speculation that silver shortages would become more acute. This BBC article from mid-April, 2012 is an example. The recent rebound in the price of silver is consistent with these observations.