He won’t be.
Jim Willie tells us:
The CME has advised that 1.42 million ounces of registered COMEX silver inventory is unavailable for delivery due to MF Global bankruptcy, as well as 16,645 registered ounces of gold also unavailable for delivery.
He tells us that there will be naked shorting of gold, but it seems to me that MF Global was already doing naked shorting.
The corruption that led to this disappearance of paper gold was Obama and EU related, so rather than drawing the general conclusion to avoid paper gold, I would draw the conclusion to avoid financial instruments regulated by the US or EU.
In general, it may not be a good idea to utilize financial instruments regulated by an insolvent state, therefore one should try to arrange one’s financial instruments to be regulated by a state that whose retirement system is primarily Chilean style or no retirement system at all – one should avoid financial instruments regulated by states with pay-as-you-go retirement systems, since pay-as-you-go retirement scheme is a synonym for fraudulent book keeping. If one lie, all lies.
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[…] Jim: "In general, it may not be a good idea to utilize financial instruments regulated by an insolvent state." In unrelated news, gold continues to increase in value for no apparent reason. […]
This is just as we predicted.