RiverSheep
The COMEX has many CFTC ammendments to the rules. One of which deals specifically with swapping interest in COMEX futures for other similar ETF interest and they can also pay out in cash and a mixture of both!
There are more ounces involved in the contracts than are available by about 100 to 1 is the latest figures.
Hopes this helps your understanding of how COMEX works.
