I listened to this, and Jim Puplava compared his rolling over oil contracts with that of gold - the same. But oil is being used, with little storage ~ he sells his contract, and people take delivery of oil. plus the positions are in scale with the market.

With gold, the contracts aren't backed by physical gold, and jeff christian etc has no problem with this; or sort of says that they could be met, but not imemdiately - the banks aren't prepared to meet them immediately and would have to ship gold, and that woudl take time, but evrything would be OK. Christian also said quite happily - gold is a fractal reserve asset - it is a paper market. He also said gold wouldn't rise, and would be more likely to fall in teh medium long term. Most of the panel seemed to disagree with him on this.

But no-one addressed the most important thing - the imbalance of the market, with large short postions from commercilas in silver and gold. Strange, for a long debate, not to cover the subject. There is no such imbalance in any of the other commodity futures marekts as far as I can see. I will have to listen to it again. The recent COT report, however shows a steady increase in the commercials' long position, whilst holding a large short psoition.

John w Williams shadowstats said gold always does well during periods of negative interest rates - where inflation is higher then interest rates.