Please note that this is not all the gold in Comex warehouses, merely that gold which is marked as deliverable at these prices.
Some like to use all the gold in their calculations but that seems a bit presumptuous, to consider gold merely being held by customers in storage in one of those warehouses as fair game at any price.
I am not calculating this for the purposes of a default, as you may recall. The open interest is only potential owners. The Comex is, after all, a largely paper market.
If there is a physical default it will more likely happen overseas, and come cascading back to London and New York, and the exchanges go bids up, with none offered.
In a case like that they can force settle in cash for paper, maybe, but not for the real thing.
Let's hope the imbalances between price, demand, and supply do not grow to the level.
