Captain's Quarters

[gharma]

The title's info is interesting, but the article text

now only 3.1% of contracts for gold could be covered by gold in the vaults

does not seem to reflect what even their chart is saying, which is that open interest is more than covered by the reported amount of gold in warehouse (i.e. interest at 1.165mt is only 3.1% of reported physical of 36mt)
Am I missing something here ? (other than that it is all funny (phony?) numbers and only the one warehouse)