In my opinion that is the reason gold will never go sub $1,000/oz. The main driver of POG is speculators trading paper contracts. However there is enough trades actually requiring physical delivery that if supply started coming offline then price would bounce quickly again due to shortages. World Gold Council (vested interest so take with a grain of salt) is already predicting we have hit peak gold. Wits 2.0 may change that but the logic remains. The only reason the gold market reaches oversupply is because there are so many paper contracts short sold. If all buyers ever demanded physical delivery the system would explode.
Conglom monster, page-23
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