Some historical info that my shed some light on your question:

Kitco runs a "pool" account where they hold the metal for investors, or in other words, they OWE precious metal to their clients.

Kitco also sells Perth Mint certificates, which also represents precious metal owed to clients.

If you click on Nadler's bio link at the top of any of his articles, it says that he may have helped government mints, like Perth, in the past:

He has long-standing ties in the precious global metals community and has consulted on marketing and product development issues to government mints, precious metals retailers, as well as to trade and membership organizations, such as the World Gold Council.

Interestingly, Nadler boasts about his background in banking, and not just for a small banking outfit, but Bank of America, America's second largest bank!

Jon established and managed several precious metals operations at major USA-based financial institutions (Deak-Perera, Republic National Bank, and Bank of America).

Bank of America has the second largest derivatives position of all the Banks in America.

Bank of America was a member of the Silver User's Association, a group devoted to the conflicting goals of keeping silver prices low and keeping silver available for users. Low prices create shortages, of course. And you can't buy silver at Bank of America, of course.

Certainly with a past of this color - do you think he has the retail investors best interest at heart? They have also had severe delivery problems for folks that want out of their pool accounts..just like the perth mint.....was the metal ever really there? I enjoy reading kitco headlines...great to see what the big boys are trying to get the sheeple to do.

Cheers,

Kurt

when it comes to bullion....if you don't hold it, you don't own it.