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The futures exchanges could declare an emergency action in the spot contract and force trading for liquidation only, not delivery, meaning that each long & short will offset each other as there is ALWAYS one contract offsetting another, known as the open interest. Saying that, a short squeeze is easily facilitated vs. the then failure of COMEX back in 1980 silver to decide same with the Hunt brothers until it reached the $50@oz level.
Dec 22 08:39 am
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All Comments by OnWallStreetSince1974 »Will COMEX Default on Gold and Silver? [View article]
As for phony warehouse gold stocks, worst case scenario is that, as a matter of public policy, contract specs could be changed, ex post facto, to include both in-ground proven gold reserves and additionally designated "hidden/secret" refined mega amount gold depositories worldwide, e.g., particularly in the Philippines & some in Indonesia. [You didn't think the USA has so many military bases & facilities in the Philippines to PROTECT the Philippines, did you?]