| Gold ETF (assuming physical optionality) |
High |
Physical conversion takes 4-6 months, costs 6-10% vs. NAV during stress |
Test small redemption NOW to learn actual mechanics and timeline |
| Allocated account (400 oz bars) |
Low |
No refining needed; can accept bars directly |
Verify custody agreement allows large bar withdrawal |
| Allocated account (small bars) |
High |
Requires refining; faces same backlog as ETF redemptions |
Convert to 400 oz bar allocation or physical possession |
| Physical possession |
None |
Benefits from rising premiums during shortage |
No action required; maintain positions |
| COMEX futures (planning physical delivery) |
Moderate |
Exchange can implement delivery delays or cash settlement |
Understand contract force majeure clauses |