Many investors question if there is sufficient gold in the world to cover all the “paper” that’s been written against it. Anyone who understands leverage and hedging realizes there definitely isn’t. So the question becomes: How over-promised is the physical gold that’s actually available? But as the USA refuses to release an audit of Fort Knox, we can’t get an accurate picture of how much physical gold there really is in storage. I’ve been wanting to write an article about this for a while, and I may still. But it’s a difficult one because of the uncertainties. For now, here’s a level-headed look at the situation and how it applies to gold ETFs. It’s a bit long, but worth the read.