11. You are given the following information on forward prices (gold and silver prices are per oz, copper prices are per lb):
| Commodity | Spot | One-month | Two-month | Three-month | Six-month |
| Gold | 436.4 | 437.3 | 438.8 | 440.0 | 444.5 |
| Silver | 7.096 | 7.125 | 7.077 | 7.160 | 7.220 |
| Copper | 1.610 | 1.600 | 1.587 | 1.565 | 1.492 |
(a) Which of these markets are normal? inverted? neither?
(b) Which are in backwardation? in contango?
(c) Which market appears prima facie to have the greatest convenience yield?
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