Bill Buckler's farewell Instructs on Gold's Monetary Role

``The headline "price" of gold is determined in the paper markets -- most notably in the futures markets of the United States and other "developed" nations. Physical Gold plays next to no role in these markets. Almost all "contracts" are bought, sold, and settled in terms of paper. The holder of a futures contract can "request" settlement in the physical metal on the expiry of that contract, but he or she cannot demand it. All contracts can be and almost always are settled in paper terms.''