” but I cannot understand why a person would entertain the thought of purchasing paper gold”
It would likely be investment firms rather than individuals. They don’t want to pay to store the gold. It’s probably a short term buy, maybe a hedge against something else they are holding. Paper gold doesn’t cost much to trade. Moving gold around, storing it in a vault is another matter entirely.
Your explanation makes more sense than an individual purchasing paper gold. Doesn’t fill my heart with confidence for those depending on paper gold purchases to fund their retirement, though. Selling the same thing to 124 people seems wrong. I expect there’s lots of money to be made in doing it, until it’s time to pay the piper. Then hemp futures will skyrocket(if there are such things) along with the price of lamp posts.
Mrs. AV