[devingoldfish]

> If everyone called it in, there would be a lot of unhappy people holding paper instead of metal.

This actually isn't true. All the physical ETFs claiming to be holding physical gold do actually hold gold for each individual share (in fact thats the only way shares can be created!). It can get confusing because people short it which can make it seem like there are more shares outstanding than there really are. But there is actual physical gold for every true outstanding share of the ETF.

Otherwise, great summary.