Some very good points Strike, but in JP's defense, I think the point he was trying to get across is the difference between physical gold and "paper" gold. The fact is, a buyer of CEF cannot take physical delivery of the gold or silver. They can take delivery of the stock certificate, but not the metal.

I don't think JP communicated this very well, but that's how I interpreted his argument...I think it was an honest mistake, given how much content he covers. Of course, JP is also selling his bullion service...but who can fault him for that.

G