Sounds like that is the wording in the new law? Would that be for such things as “gold certificates” or whatever? Perhaps it is so a company can’t “sell” gold or silver to folks and then keep it in “storage” without actually having it there in storage.
My little bit of reading on the matter is that some (all?) of those places have more certificates out than they have gold in hand. Treating themselves more like banks, than actual gold storage facilities. If that is the case, then I imagine if I was the type to pay $100/year to let someone else keep my gold, I would like the assurance that I REALLY did have gold, and not just some piece of paper. Although I guess the law is just another piece of paper and still no “assurance”.
If you’re reading this right it sounds like some of the big banks may be in trouble. Of course I doubt it applies to them.