Does this matter? It doesn't seem to be having any impact on the price action.
The gold market uses COMEX to transfer price risk on gold. They don't use it to exchange physical gold because CME physical clearing is expensive and inconvenient. If CME shut down physical delivery on COMEX gold contracts tomorrow, it would make no difference at all.
Is Zerohedge stupid, or do they just assume that their readers are?
Something Just Snapped At The Comex (Zero Hedge), page-89
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