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<p>[QUOTE=&quot;Cloudsweeper99, post: 686103, member: 3011&quot;]The article by Ted Butler is completely unrelated to the assertions by Bob Chapman that GLD doesn&#039;t hold physical gold or that there is no gold and silver in the Comex warehouses.&nbsp; Ted is talking about the concentration in the futures market and how many of the folks shorting silver contracts don&#039;t own the silver necessary to meet delivery and may default if they can&#039;t borrow the silver from China.&nbsp; But rest assured, every ounce of silver for which there is a Comex warehouse receipt is backed by physical silver plus insurance at the Comex warehouse.&nbsp; It just isn&#039;t owned by the folks with the naked short positions.&nbsp; But I can see how this might confuse people.[/QUOTE]</p><p><br /></p>

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