making the case, page-5

Sorry but which banks are sitting on all this physical? The bulk is in private or public (RBA type reserves) hands or locked in electronics/jewelry, not banks.

Gold has been in backwardation since Oct and only just moving into contango this week (logical as function of broad inflation expectations), so they should been long paper futures short physical spot in order to do a commodities arbitrage... which is what Goldman Sachs have been doing..

I'll bet on GS before JP Morgan any day...