Re:

"If your broker goes bust and it takes years to get your shares or devalued fiat cash settlement, then yes, you owned paper and not tangible assets. Barring that, or making it illegal for Americans to own gold shares, I would say that is a safe assumption."

Crimson, In Canada your shares have to be held by a separate trust company. In my case, I deal with Waterhouse, but the shares are held, completely segregated, by CIBC Mellon Trust.

Don't know how it works in U.S., but if (and it's incredibly unlikely) Toronto Dominion when under, they don't even have my shares to sell.

MR