Gold Price Update -- Gold Forward Rates, Futures in Backwardation for First Time Since 2001

The gold forward offered rate and futures prices are in backwardation for the first time since 2001, ETF Securities U.S. Research Director Mike McGlone tells TheStreet's Joe Deaux. McGlone says he thinks this is a sign for more support under gold prices. McGlone also says the recent struggle in emerging markets has pushed gold higher on its appeal as a 'quasi-currency.' Gold prices rose double-digits on Wednesday after a January private payrolls report printed weaker than expected.