Is TCX a bailment or a debt? In other words, can the issuer engage in fractional reserving? If not, this is stupid, as it ties up reserves of commodity metal to no purpose. So, I assume this is just a debt that the issuer hedges in the futures markets and profits on by seigniorage. Why is that a better hedge than can be found in the futures markets or in shares of miners? (It’s not going to be money, because Gresham.) If TCX becomes a very convenient way to invest in commodity metals, easier than an ETF that owns shares of producers, then it has a use. Otherwise, I don’t see the point.