Everyone says that not having the physical gold is not a problem and that the contract would just be paid off in dollars. What prevents the wolves who own large gold contacts from buying physical gold on the open market and just calling their contracts at the same time and forcing the price of gold higher making those that do not have the physical gold pay more in dollars because the price of gold keeps rising. I do not believe that paying out gold contracts in dollors is as simple as they like to make it sound.

I do not think you can compare a consumable commodity like oil to gold either.