even Bill Murphy skirts this question

comments by:  Grant Cagann

“So, what IS the rationality behind paper metal?”

GATA Chairman Bill Murphy appeared on Capital Account yesterday, and while his interviews (and RT’s content in general) are always worth a watch, I found it interesting that even this 20 year champion against gold & silver manipulation won’t take the final step and denounce all paper metal products.

Other than a tax shield (IRA) or gambling on future pricing (options), I cannot see any reason to EVER own a single piece of paper that supposedly represents ownership of metals.

Even when Lauren Lyster put the question up on a tee for Murphy (8:45 of the video below), he goes with the rehypothication argument, blasting the bullion banks but giving Sprott’s fund a pass.  While I have no reason to believe that Sprott’s group has nothing but the highest integrity, holding title through a piece of paper is NOT true ownership and control.  In a true breakdown, if you don’t hold PM’s in your hand, you do not own them…it’s really that simple.  Any other ownership scenario leaves you open to profit motive/greed, confiscation, theft, etc.

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