You might be right...but
It is a fact that both China/Russia have been purchasing physical AU by the tonnage for quite some time now. Imo , AU and its "market relevancy future" are more confidence boosters for China like the YUAN/OIL/AU or the Crypto Rubble backed by AU. Lets hope Fort Knox has AU. Canada sold their AU a few years back...North Americans should purchase physical AU for wealth protection. What ever they view wealth to be. Be your own Bank based upon physical assets not paper or polymer. AG can purify my water but it has to be .9999 four nines purity, and a bugger to haul around..
That's both a benefit and a limitation, you can buy smaller increments but then on the other side you have to deal with the size and weight. A half million worth of silver weighs a ton, literally.
Fractional AU has a hefty premium. 10% +++ and will only grow wider as the fractional premium products get gobbled up..I like Combi bars.