sp, I've thought the same thing. I'd suspect that they know that...

sp, I've thought the same thing. I'd suspect that they know that the big players - the JPM's of this world - have the implicit backing of the central banks. If the hedgies took, say, 2m oz out of COMEX inventories, the Fed would come to the rescue with another 2m oz provided quietly behind the scenes, via JPM and others. That would really put a hole in the strategy. Rule No.1: don't bet against the Fed.