I have been following the Gold Spreads on Nymex, specifically the dec09 dec10 spread. I can understand why the spread would decline on the rate cut, but was surprised to see it go from $15 to almost 0. Obviously this spread could in theory go negative but is it likely to? I liked the idea of going long the dec10s, selling the 09s as rates can't go any lower and in the long run (not short run) I'm bullish gold. Any info / comments / opinions appreciated -as you may have guessed, gold is not a commodity that I have traded before.