CME’s Terry Duffy on Gold: “They Don’t Want Certificates, They Want the Real Product!”

paper goldIt’s one thing when a fringe blog suggests that holding physical metal rather than paper is key, and that If You Don’t Hold It, You Don’t Own It!
It’s another thing entirely when the President of the CME, Terry Duffy goes on Bloomberg and says the following…

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What’s interesting about gold, when we had that big break two weeks ago we saw all the gold stocks trade down significantly, we saw all the gold products trade down significantly, but one thing that did not trade down, was gold coins, tangible real  gold.  That’s going to show you, people don’t want certificates, they don’t want anything else.  They want the real product. – Terry Duffy, CME  4/29/13



Did the CME’s President really just admit that paper gold and silver futures exchanges are becoming irrelevant?