These big withdrawals from the COMEX participants are what forces them to swap delivery of Gold from their COMEX holdings to delivering it from the GLD holdings. It is little known that they can swap interest in the COMEX for delivery or interest in other similar ETP type funds such as GLD. This is how they keep the Comex going. It was some time ago that one of the participants bought from another participant on market from the COMEX holdings to make up their delivery burden otherwise they would have been short. It turned up on the comex daily spread sheet.
