Coles notes version for those that didn't want to sit through it: first hand eyewitnesses state that Scotiabank vaults hold only a very tiny fraction of the physical gold and silver against which they have sold paper certificates. People who have requested to redeem their paper for physical have faced delays of 6-8 weeks and additional fees, even though they're being charged storage & insurance for the nonexistent metal. And this is in the "happy" scenario where relatively few people are requesting delivery.

Apparently the fine print on these paper certificates doesn't say "backed by physical bullion" anywhere - only "backed by the assets of the Bank of Nova Scotia".

Moral: if you hold paper gold, convert to physical and hold it yourself ASAP.