yup
Exactly. But here's what's interesting, the concentrations by large holders are on the short side of the contract, so when the pyramid cracks, it'll result in a huge price jump up.
Again, this is especially true of silver. Of the two, we use up silver at a growing rate. Look for industry to start to stockpile for fear of delayed delivery.
The advantage of gold as money is exactly that it doesn't get used in industry. It really only has monetary value. In India, women are given their dowery in a form that can worn: gold chains, rings, bracelets.... Makes sense if you want to take it with you in a hurry.
Silver can be both commodity and money, which is why I think it will do better in this current market than gold.