"I expect that even a 20-25% reduction of the COMEX stocks would send a signal strong enough to restore normal free market behaviour on the COMEX."
I do not recall a time in my active pm investment life (since 1975) that the CRIMEX was traded as a free market. The manipulation of the rules and dominance by paper hanging preferred dealers has always resulted in a gambling casino environment that favored the insiders.
IMPE