(c) 2010 F. Bruce Abel
Maybe it's just the clear air here in Cottage Country, but this Saturday Globe and Mail piece on the various ways to invest/trade commodities, I give high credence to. Contango, for example is explained, and its effect on return within an ETF. And since it's a Canadian newspaper I give high credence to mining discussion. Here's a snip and the link for the full article.
How to play commodities (and not get trampled) - The Globe and Mail: "The creation of commodity-based exchange-traded funds made it a lot easier for the individual investor. But pitfalls exist there, as well, because of a futures-market phenomenon known as “contango,” when the price of a futures contract exceeds the spot price of a commodity."