Comex is a fractional reserve exchange and they price think will sort everything –
As a fiduciary, to the extent that you own gold and are going to own it a long time, it is not a trade….in the COMEX warehouse they had $80 Billion of open interest, and $2.7 Billion of deliverables….thats an easy one, you go get it – Kyle Bass
When I talk to the delivery manager of Comex and I aks what is 4% of the people want delivery ?
COMEX Delivery Manager: “Oh Kyle that never happens. We rarely ever get a 1% delivery.
Kyle: “Well, what if it does happen?” COMEX Delivery Manager: “Oh, well price will solve everything.” Kyle: “I said thanks, give me the gold.”