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What does paper price represent?

Ebie

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#1
What does the paper price of PMs represent?
Kitco (pool), CEF and many others claim to sell physical metal (shares)
at approx. the paper price (+/-)
CEF is selling at below the paper price.
But is there any real physical available at that price?
 

hoarder

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#2
What does the paper price of PMs represent?
Kitco (pool), CEF and many others claim to sell physical metal (shares)
at approx. the paper price (+/-)
CEF is selling at below the paper price.
But is there any real physical available at that price?
No. The "spot price" represents the power of the bankers to manipulate markets. The value of paper is the value of paper. If you don't hold it you don't own it.