Well you are assuming that there's enough to be an issue. Effectively you are saying that the market has taken on these hedges as speculative longs, again another assumption & the spec market isn't that long & when the ETF selling was at its peak it was even less long. When gold pushed through $1340 recently the spec long position was getting quite large, however it appears to have cleared out quite a bit after a good thumping of the price a week or two ago.
